February 2026 State of the Network Report
This report provides an overview of the Swarm network’s key metrics for February 2026, including rewards, participation levels, and node distribution, and places them in context with recent monthly trends.
Network Total Monthly Rewards
This metric shows the total storage incentive rewards paid out across the network each month.
| Month | Total Network Rewards (xBZZ) |
|---|---|
| September | 28,162 |
| October | 28,337 |
| November | 39,109 |
| December | 38,477 |
| January | 31,172 |
| February | 20,967 |
Total network rewards in February were 20,967 xBZZ, down from 31,172 xBZZ in January.
Monthly Median Win Values
| Month | Median Win Values (xBZZ) |
|---|---|
| September | 8.33 |
| October | 8.10 |
| November | 12.04 |
| December | 11.53 |
| January | 9.21 |
| February | 6.72 |
The median win value in February was 6.72 xBZZ, down from 9.21 xBZZ in January.
Monthly Average Win Values
| Month | Average Win Values (xBZZ) |
|---|---|
| September | 8.60 |
| October | 8.34 |
| November | 13.09 |
| December | 11.68 |
| January | 9.25 |
| February | 6.78 |
Average win values decreased to 6.78 xBZZ in February from 9.25 xBZZ in January.
Active Staking Node Monthly Average Earnings
| Month | Avg Total Earnings per Node (xBZZ) |
|---|---|
| September | 7.73 |
| October | 8.33 |
| November | 19.40 |
| December | 18.68 |
| January | 16.07 |
| February | 11.63 |
Average earnings per active staking node in February were approximately 11.63 xBZZ, down from January’s 16.07 xBZZ.
Total Active Staking Nodes by Month
| Month | Total Active Staking Nodes |
|---|---|
| September | 3,643 |
| October | 3,400 |
| November | 2,018 |
| December | 2,060 |
| January | 1,939 |
| February | 1,803 |
The total number of active staking nodes decreased to 1,803 in February, down from 1,939 in January.
Total Reachable Full Nodes Regardless of Active Status
| Month | Total Reachable Full Nodes |
|---|---|
| September | 7,063 |
| October | 7,071 |
| November | 5,299 |
| December | 4,760 |
| January | 4,270 |
| February | 4,086 |
Total reachable full nodes declined to 4,086 in February, down from 4,270 in January.
Total Winning Nodes by Month
| Month | Total Winning Nodes |
|---|---|
| September | 1,701 |
| October | 1,668 |
| November | 1,433 |
| December | 1,513 |
| January | 1,456 |
| February | 1,427 |
The number of winning nodes in February was 1,427, down from 1,456 in January.
Total Active Staking Nodes by Country
| Country | Total Active Staking Nodes |
|---|---|
| Finland | 1705 |
| Canada | 35 |
| Unknown | 25 |
| Germany | 12 |
| Norway | 7 |
| United States | 5 |
| Ireland | 4 |
| Estonia | 3 |
| Brazil | 1 |
| Cyprus | 1 |
| India | 1 |
| Japan | 1 |
| Russia | 1 |
| Slovenia | 1 |
| Ukraine | 1 |
Finland continues to account for the majority of active staking nodes. Canada was the second largest country by active staking node count with 35 nodes.
Total Nodes By Country Regardless of Staking Status
| Country | Unique nodes |
|---|---|
| Germany | 2337 |
| Finland | 1651 |
| Unknown | 61 |
| Hungary | 10 |
| United States | 4 |
| Canada | 3 |
| Estonia | 3 |
| Slovenia | 3 |
| Russia | 2 |
| The Netherlands | 2 |
| Australia | 1 |
| Brazil | 1 |
| Czechia | 1 |
| India | 1 |
| Ireland | 1 |
| Japan | 1 |
| Norway | 1 |
| Singapore | 1 |
| South Africa | 1 |
| Ukraine | 1 |
When considering all reachable full nodes regardless of staking activity, Germany and Finland continue to account for the largest share of the network.
Conclusion
February 2026 saw declines across all key network metrics compared to January. Total rewards, win values, average earnings per node, active staking nodes, reachable full nodes, and winning nodes all decreased. The geographic distribution of active staking nodes shifted compared to January, with Canada replacing Thailand as the second largest contributing country. Germany and Finland continued to account for the largest share of total reachable full nodes.
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