Golden Finance reported that JPMorgan analysts released a report saying, "As Bitcoin continues to become 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 over the next 10 years, demand for and participation in Bitcoin will increase rather than decrease; therefore, Bitcoin mining will become increasingly competitive, with a consequent higher demand for electricity, as miners are essentially working harder to get rewards. In addition, the supply of Bitcoin is fixed (21 million), which further intensifies competition among miners as it approaches the maximum mining opportunity (all Bitcoins have been mined and are in circulation). Finally, we believe that the normalization of asset allocation toward Bitcoin and widespread participation in U.S. spot Bitcoin ETFs will drive most of the incremental demand in the short term.