How to make money off bitcoin without actually buying it

Bitcoin: it's electric.

Well, indirectly, anyway. Electricity consumption domestically and around the world is rising on bitcoin mining fervor, according to media reports citing Digiconomist data on bitcoin-related energy consumption.

Investors can capitalize on the surge in electricity consumption by way of bitcoin mining through buying several names in the energy and power space, according to macroeconomic strategist and Bear Traps Report publisher Larry McDonald. Here are his reasons why, and his recommendations to investors.

• Bitcoin is incredibly volatile as an asset and investors are looking to more conservative, long-term ways to play the bitcoin trend than buying the cryptocurrency outright. Through the act of bitcoin mining, electricity is being consumed at a rapid clip.

• Investors can look to one natural gas exchange-traded fund, the United States Natural Gas Fund (UNG), as well as uranium and the Global X Uranium ETF (URA).

• A liquefied natural gas company, Cheniere Energy (LNG), would also be a smart play here.

Bottom line: As bitcoin mining consumes more electricity, some energy-related exchange-traded funds are worth a buy, according to McDonald.

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Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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