While the name might sound akin to an investor with lighter fluid and a match that's having way too much fun, I can assure you there's no actual fire involved with coin burning, namely because virtual tokens only exist in digital form.
What coin burning actually refers to is the process by which cryptocurrency miners -- the persons with high-powered computers that validate transactions for coins operating on the proof-of-work model -- or developers send tokens to a specified address that has private keys which are unobtainable. In plainer terms, it's a means of removing tokens from the circulating supply so as to either slow the rate of coin inflation, or reduce the circulating supply of coins.
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