A UK-based energy company listed on the stock exchange, Union Jack Oil, is planning to turn natural gas at its West Newton site into power for Bitcoin mining.
According to an August 7 report, Union Jack Oil is working with Rathlin Energy, the site operator, and 360 Energy, a company from Texas that helps turn unused or wasted gas into electricity.
They have signed a non-binding letter of intent to use 360’s equipment, which is designed for field use and can support data centers like those used for mining Bitcoin
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The West Newton project became part of Union Jack Oil’s portfolio in 2019 after Rathlin Energy found gas there. Later drilling confirmed it as one of the biggest onshore gas finds in the country. Despite its potential, the project has faced repeated delays due to planning issues and concerns surrounding fossil fuel developments.
Union Jack Oil’s Executive Chairman, David Bramhill, said, “Regulatory uncertainty has unduly hampered progress”. He also stated that companies like Union Jack Oil have had to look for new ways to keep moving forward.
According to Bramhill, the plan to mine Bitcoin could help bring in steady returns while the company waits for the full-scale project to get back on track. If the mining effort proves successful, Union Jack Oil might even keep some of the Bitcoin it mines as part of its financial strategy.
France’s Rassemblement National (RN) party recently announced plans to mine Bitcoin using surplus power from the country’s nuclear plants. What did Marine Le Pen say about it? Read the full story.
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