Crypto Darwinism is a real thing. Insane to see that amount of money just disappear. Literally just poof, it's gone. Not "gone" like someone stole it, because that money didn't disappear, the thief has it now. This money literally went into a digital blackhole.
The price of eth is surprisingly easy to calculate, with the coin price being (new dollars people are willing to invest into crypto)/(amount of coins in circulation).
There are no pesky externalities like "amount of EBITDA per outstanding eth", every single dollar is coming from someone buying in.
This reduced the denominator, thus increasing the value of eth.
The cost highlighted there does not include new issuance, as in block rewards which are paid by the network protocol. The entirety of that $9.9b are fees paid by users in the form of gas and tips. Since EIP-1559 was implemented in August, the majority component of the transaction fees is burnt, and only the tips go to the miners. Core devs do not receive transaction fees or tips, or anything really.
If you were to include block rewards as a negative cash flow, then Ethereum would have indeed done a negative EBITDA of around $3b. That will change with PoS, which drops issuance signficantly.
