Cambridge Maps Where Ethereum’s Power Really Lives After the Merge

By Isaac • July 11, 2026 9:38 am •

Ethereum’s move away from mining slashed its electricity use. A new Cambridge study shows where the network’s physical and economic power now sits.

The Cambridge Centre for Alternative Finance estimates that 64% of Ethereum’s discoverable full nodes run in cloud or enterprise hosting. The United States alone accounts for 31% of node activity.

Those figures matter because the machines running Ethereum still live in real data centers, homes, countries, and legal jurisdictions, even when the network itself has no headquarters.

The new Cambridge Centre for Alternative Finance report estimates roughly 8,522 discoverable full nodes. The researchers describe that number as a floor because private deployments, restrictive firewalls, disabled discovery, and machines that reject crawler connections can