CCAF Study Flags US Node Concentration Threatening Ethereum Resilience

On July 11 the Cambridge Centre for Alternative Finance released fresh data showing 31% of Ethereum beacon node activity remains concentrated in the United States as of May 2026, with Germany, Finland and France adding another 30% and pushing the top four jurisdictions to 62% of full nodes. The findings build directly on the July 10 Cambridge reports that first quantified the 31% US share and warned that simultaneous loss of more than one-third of validators could halt checkpoint finalization. Analysts continue to highlight heavy clustering at AWS, Hetzner and OVH as a structural counterparty and jurisdictional risk, even as the network’s annual electricity consumption stays near 7.9 GWh—down 99.98% from pre-Merge levels.