The British energy company Union Jack Oil, whose shares are traded on the London Stock Exchange, announced plans to convert natural gas extracted from the West Newton field into electricity for Bitcoin mining. This could become one of the first projects in the country to monetize 'oil into cryptocurrency.'
It is known that the new project of Union Jack Oil is being implemented in partnership with Rathlin Energy and the Texas company 360 Energy, which specializes in converting associated or flared gas into electricity for local data centers.
If successful, the new project could lead Union Jack Oil to present a new strategy for accumulating Bitcoins, said the company's executive chairman David Bramhill.
British Union Jack Oil is not the first company looking to use unused resources for cryptocurrency mining. In the American state of North Dakota, the firm ConocoPhillips (NYSE:COP) launched a pilot program to supply excess gas to Bitcoin miners instead of being flared. The Canadian corporation AgriFORCE directed unused natural gas to power 120 installations and extract its flagship asset.