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.