I don't see why not!
See
ttp://www.imagemagick.org/Usage/basics/#mogrify
For me it created a second set of images and did not overwrite the
original as the documentation says. But test it out first on some
duplicate images to be sure it works as you want, in case it does
overwrite on you. Be very careful with doing something like this, so
as not to corrupt or lose your originals.
try
mogrify -format bmp *.jpg
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