Union Jack Oil to Mine Bitcoin Using Natural Gas

Union Jack Oil to Mine Bitcoin Using Natural Gas

Union Jack Oil, a UK-listed company, plans to mine Bitcoin using natural gas from its West Newton field, partnering with Texas-based 360 Energy for on-site gas-to-electricity conversion.

The initiative signals Union Jack Oil’s strategic shift towards cryptocurrency, aiming to diversify its balance sheet with Bitcoin, reflecting a growing trend in blockchain integration within traditional energy sectors.

Union Jack Oil, a UK-listed firm, has announced plans to mine Bitcoin on-site using natural gas from the West Newton gas field.

The company partners with 360 Energy to utilize In-Field Computing technology in converting gas to electricity for mining operations.

Immediate effects include potential shifts in Bitcoin mining practices within the energy sector.

The initiative, led by David Bramhill of Union Jack Oil, may introduce new Bitcoin treasury strategies.

The feasibility of this project is backed by a non-binding letter of intent after a study by Rathlin Energy.

Insights suggest the move could attract attention due to its innovative approach to natural resource utilization in cryptocurrency mining.

The board of Union Jack believes this proposed concept to produce Bitcoin through mining operations is innovative, offers strong scope for a sustainable return and could lead to the company introducing a new Bitcoin Treasury strategy, on success.” – David Bramhill, Executive Chair, Union Jack Oil