JPMorgan analysts released a report saying, "As Bitcoin continues to become mainstream, the demand for electricity will increase. Bitcoin is not the only cryptocurrency that requires a mining process, but it is the largest. Bitcoin is the largest proof-of-work (PoW) protocol to date. From a fundamental perspective, we believe that over the next 10 years, Bitcoin demand and engagement will increase rather than decrease; as a result, Bitcoin mining will become increasingly competitive, and with it, higher demand for electricity, as miners are essentially working harder to earn rewards. In addition, the supply of Bitcoin is fixed (21 million coins), further intensifying competition among miners as the maximum mining opportunity approaches (all Bitcoins have been mined and are in circulation). Finally, we believe that the normalization of asset allocation to Bitcoin and broad participation in US spot Bitcoin ETFs will drive most of the incremental demand in the near term.