Union Jack Oil Plans Bitcoin Mining Operation Using Natural Gas at West Newton

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 prov… The post Union Jack Oil Plans Bitcoin Mining Operation Using Natural Gas at West Newton appeared first on Coin Edition .

Source: Coin Edition