劍橋大學另類金融中心最新研究顯示，美國承載近三分之一的以太坊節點活動，歐盟（不含英國）約佔39%；整體節點分布以歐美地區為主，並未過度集中於單一國家。節點主要託管於Hetzner、AWS及OVH等雲服務商。研究負責人Alexander Neumuller指出，若超過三分之一驗證者同時離線，以太坊檢查點將停止最終確認交易；網路需維持地理分散架構，用戶端軟體過度集中亦存在風險，若主流用戶端出現漏洞，恐影響整條區塊鏈網路。此外，研究重新評估以太坊合併後的能耗，估算目前年耗電量約7.9GWh，較合併前下降約99.98%，其中永續能源使用占比逾56%。

New research by the Cambridge Centre for Alternative Finance shows that the US hosts nearly one-third of Ethereum node activity, while the EU (excluding the UK) accounts for approximately 39%. Nodes are predominantly located in Europe and North America, without excessive concentration in a single country, and are mainly hosted by cloud providers including Hetzner, AWS and OVH. Lead researcher Alexander Neumuller warned that if more than one-third of validators go offline simultaneously, Ethereum checkpoints will stop finalizing transactions. The network needs geographic decentralization, and concentrated client software also creates systemic risks—vulnerabilities in dominant clients could affect the entire network. The study also reassessed Ethereum’s energy consumption post-Merge, estimating current annual electricity use at roughly 7.9 GWh, a reduction of about 99.98% from pre-Merge levels, with sustainable energy accounting for over 56% of total consumption.