Gold Finance reported that JPMorgan analysts released a report stating, "As Bitcoin continues to go mainstream, electricity demand 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 Bitcoin demand and participation will increase rather than decrease over the next 10 years; therefore, Bitcoin mining will become increasingly competitive, leading to a higher demand for electricity as miners essentially work harder to gain rewards. Additionally, Bitcoin's supply is fixed (21 million coins), which further intensifies competition among miners as they approach the maximum mining opportunity (all Bitcoins have been mined and are in circulation). Finally, we believe that normalization of asset allocation towards Bitcoin and broad participation in a US spot Bitcoin ETF will drive most of the incremental demand in the near term."