Use Macbook Pro to transcode videos on local machine instead of cloud. But, How?

Transcoding
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I’d like to optimize video transcoding to save money.

I have a MacBook Pro with an M2 Pro chip and almost 3 TB of videos, which is about 4000-5000 videos at approximately 1 GiB each.

I want to make these videos stream-ready, preferably using Adaptive Bitrate Streaming.

Is it possible to leverage my local machine’s efficient chip (MacBook M2 Pro) to transcode the videos locally instead of using a cloud service provider?