A report by the Cambridge Centre for Alternative Finance reveals that 31% of Ethereum node activity is based in the United States, with 39% in the European Union, indicating a Western-centric distribution. The study highlights centralization risks, noting that a significant portion of nodes are hosted by three major providers: Hetzner, AWS, and OVH. The report warns that if over one-third of validators go offline, Ethereum's network finality could be compromised. The report also details Ethereum's energy consumption post-Merge, showing a dramatic reduction to approximately 7.9 GWh annually, a 99.98% decrease. Over 56% of this energy is from sustainable sources, and the cost to offset annual carbon emissions ranges from $33,500 to $73,800.