Convenient way to demagnetize a tool bit?

Thanks for the info. I may try demagnetizing with a split extension cord so that I can wrap just one wire around the tool bit. I have a 1500-watt space heater, so that should move a steady 12 amps through the wire. The bit is maybe 4" long, 1/2" diameter; I don’t know how many turns I can wrap around that with insulated 18-gauge wire (maybe 32 turns?), but we’ll see. If I do this, I’ll report back here with the results.