According to BlockBeats, JPMorgan analysts released a report stating that as Bitcoin continues to become mainstream, electricity demand will increase. Bitcoin is the largest proof-of-work (PoW) protocol, and demand and participation will increase in the next 10 years.
Bitcoin mining will become increasingly competitive, requiring higher electricity. With a fixed supply of 21 million Bitcoins, competition among miners will intensify as the maximum mining opportunity approaches. Widespread participation in US spot Bitcoin ETFs will drive demand in the short term.
Natural gas is a reasonable source of electricity for miners to meet incremental energy consumption. Natural gas has the advantages of better environmental impact, lower price and high reliability, making it a reasonable source of electricity supply for Bitcoin mining equipment.
In the case of Texas, natural gas is the state’s primary energy source, accounting for approximately 43% of all energy consumption in 2022. These data support the idea that natural gas is the natural choice for electricity supply for Bitcoin miners.
