BlockBeats News, on August 7, reported by The Block, that Union Jack Oil (stock code: UJO), a company focused on onshore oil and gas production, development, exploration, and investment in the United States and the United Kingdom, plans to monetize its natural gas production at its joint exploration site in East Yorkshire, England through a new Bitcoin mining business.
The UK-listed company announced on Thursday that the joint venture project operated by Rathlin Energy has signed a non-binding agreement with Texas-based gas purchasing and monetization service provider 360 Energy to deploy Bitcoin mining infrastructure. Due to ongoing regulatory delays hindering traditional development paths, mining is seen as an alternative solution. Both parties expect to further sign a legally binding formal agreement under the same terms.
The Union Jack board believes the proposed Bitcoin mining scheme is a creative approach with strong potential for sustainable revenue. If the project is successful, the company may further introduce a Bitcoin reserve strategy in the future.
