Union Jack Oil Ventures Into Bitcoin Mining With Natural Gas

Union Jack Oil, a UK energy firm, plans to convert natural gas from its West Newton site into electricity for Bitcoin mining, potentially pioneering the UK's first 'oil-to-crypto' project. This initiative aims to generate early cash flow from otherwise undeveloped wells, as stated in a recent operations report. In collaboration with Rathlin Energy and Texas-based 360 Energy, the project seeks to utilize 360’s In-Field Computing technology for Bitcoin mining at West Newton A, pending regulatory approvals. If successful, it could lead to a new Bitcoin Treasury strategy for Union Jack, according to Executive Chairman David Bramhill. The company acquired its stake in West Newton in 2019, following significant gas discoveries. However, planning delays and regulatory issues have hindered infrastructure development. Bramhill emphasized the need for innovative solutions, stating that the Bitcoin mining venture could provide sustainable returns. This approach reflects a broader trend among energy companies exploring Bitcoin mining to monetize stranded gas, avoiding traditional development delays. Read more AI-generated news on: https://app.chaingpt.org/news