Union Jack Oil Taps Natural Gas for Bitcoin Mining in UK
The post Union Jack Oil Taps Natural Gas for Bitcoin Mining in UK appeared on BitcoinEthereumNews.com. UK oil company partners with Texas firm to convert natural gas into Bitcoin. West Newton gas field contains an estimated 200 billion cubic feet of recoverable resources. The firm’s early monetization strategy bypasses traditional full-field development. Union Jack Oil has announced plans to establish a Bitcoin mining operation powered by natural gas from its West Newton discovery wells in the UK. The company holds a 16.665% working interest in PEDL183 and has partnered with Texas-based 360 Energy Inc. to implement the cryptocurrency mining solution. The approach aims to generate early cash flow from gas production before any full field development decision. Union Jack’s Executive Chairman David Bramhill described the concept as thinking “outside the box” to deliver growth amid regulatory challenges facing onshore UK energy projects. 360 Energy’s In-Field Computing Technology Converts Gas to Bitcoin The partnership involves 360 Energy’s proven In-Field Computing platform that captures natural gas and converts it to electricity for powering modular data centers on-site. The technology targets stranded, flared, or uneconomic gas that would otherwise provide limited value. Initial deployment will occur at the West Newton A site, converting natural gas from the WNA-2 well directly into Bitcoin through mining operations. The project could subsequently expand to encompass additional discoveries within the license area. A non-binding Letter of Intent has been signed between the Joint Venture partners, including Reabold Resources, and 360 Energy. The agreement outlines terms for designing and implementing the Bitcoin mining solution, subject to regulatory and third-party approvals. Material Gas Resources Support Long-Term Mining Strategy According to an independent 2022 evaluation by RPS, West Newton has about 200 billion cubic feet of gross recoverable 2C gas resources. There is enough energy in this resource base to support sustained bitcoin mining operations. The Joint Venture partners are in negotiations with 360 Energy for…
The post Union Jack Oil Taps Natural Gas for Bitcoin Mining in UK appeared on BitcoinEthereumNews.com.
UK oil company partners with Texas firm to convert natural gas into Bitcoin. West Newton gas field contains an estimated 200 billion cubic feet of recoverable resources. The firm’s early monetization strategy bypasses traditional full-field development. Union Jack Oil has announced plans to establish a Bitcoin mining operation powered by natural gas from its West Newton discovery wells in the UK. The company holds a 16.665% working interest in PEDL183 and has partnered with Texas-based 360 Energy Inc. to implement the cryptocurrency mining solution. The approach aims to generate early cash flow from gas production before any full field development decision. Union Jack’s Executive Chairman David Bramhill described the concept as thinking “outside the box” to deliver growth amid regulatory challenges facing onshore UK energy projects. 360 Energy’s In-Field Computing Technology Converts Gas to Bitcoin The partnership involves 360 Energy’s proven In-Field Computing platform that captures natural gas and converts it to electricity for powering modular data centers on-site. The technology targets stranded, flared, or uneconomic gas that would otherwise provide limited value. Initial deployment will occur at the West Newton A site, converting natural gas from the WNA-2 well directly into Bitcoin through mining operations. The project could subsequently expand to encompass additional discoveries within the license area. A non-binding Letter of Intent has been signed between the Joint Venture partners, including Reabold Resources, and 360 Energy. The agreement outlines terms for designing and implementing the Bitcoin mining solution, subject to regulatory and third-party approvals. Material Gas Resources Support Long-Term Mining Strategy According to an independent 2022 evaluation by RPS, West Newton has about 200 billion cubic feet of gross recoverable 2C gas resources. There is enough energy in this resource base to support sustained bitcoin mining operations. The Joint Venture partners are in negotiations with 360 Energy for…
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