Ethereum’s Post-Merge Energy Use Now Matches Eiffel Tower’s Yearly Consumption, CCAF Finds

Cambridge Centre for Alternative Finance (CCAF) has confirmed that Ethereum’s energy consumption dropped by 99.98% following The Merge. However, the report highlights that node concentration and infrastructure dependency have become the network’s main institutional risk factors.

The CCAF report, titled Ethereum After the Merge – A Change in Power and released in June 2026, analyzes how Ethereum’s shift to proof-of-stake has affected the network’s energy usage and operational structure. The study found that annual power demand fell from 2.4 gigawatts before The Merge to just 7.87 gigawatt-hours per year after the upgrade, equivalent to about 0.90 megawatts of continuous power consumption.

At the same time, Ethereum’s carbon emissions dropped from 10.3 million tonnes of CO₂ equivalent to approximately 2.37 thousand tonnes, representing a 99.98% reduction achieved through a major software-based protocol transition.

The findings represent more than an environmental improvement. Ethereum’s move on September 15, 2022, from proof-of-work mining to proof-of-stake validation marked one of the largest energy reductions ever achieved by a major blockchain network and significantly improved its position within ESG frameworks considered by institutional investors.

Ethereum After The Merge: Key Findings From the CCAF Report

CCAF calculated Ethereum’s energy usage using a network-weighted average of 105 watts per node, with the figures based on observed network data rather than theoretical estimates.

The magnitude of the change becomes clearer when compared with traditional energy benchmarks. Before The Merge, Ethereum’s electricity consumption was comparable to the national grid usage of Iceland. After the transition, the network now consumes less energy than major cultural landmarks, with its annual footprint roughly comparable to the electricity used by the Eiffel Tower.

Compared with the traditional banking sector, which CCAF estimates consumes around 260 terawatt-hours annually across data centers, branches, and ATM networks, Ethereum’s post-Merge footprint of 7.87 gigawatt-hours is dramatically smaller—around 33,000 times lower, according to the report.

The environmental impact also changed significantly, with annual carbon emissions falling to just 2.37 kilotonnes of CO₂ equivalent after the transition.

In comparisons with other blockchain networks, post-Merge Ethereum consumes less energy than Solana, which uses more than 13.4 GWh annually, but more than NEAR Protocol, which records around 5.11 GWh per year. CCAF noted that while Ethereum remains one of the larger blockchain networks by total energy use, it is highly efficient relative to its economic scale.

Infrastructure Risks Replace Energy Concerns

The main institutional question around Ethereum is no longer whether its energy profile satisfies ESG requirements. The CCAF data suggests it comfortably meets those standards. Instead, attention is shifting toward whether the infrastructure supporting the network is sufficiently decentralized and resilient.

The report highlights concerns around node distribution, including geographic concentration and reliance on a limited number of cloud hosting providers. While Ethereum’s energy footprint has improved dramatically, these infrastructure dependencies create a different category of risk.

Validator locations, hosting providers, and network participation patterns are now becoming the key areas of scrutiny for institutions evaluating Ethereum’s long-term reliability.

The shift in risk profile comes alongside broader discussions about Ethereum’s ecosystem, including questions around sustainable developer funding. While the CCAF findings could help Ethereum clear ESG-related barriers for institutional investors that previously avoided proof-of-work networks due to energy concerns, risk committees may still need to examine decentralization and infrastructure resilience before considering those concerns fully resolved.

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