UK oil company mines Bitcoin with natural gas

JOON HYOUNG LEE

Summary

British energy company Union Jack Oil officially announced a cryptocurrency mining project utilizing natural gas.
Union Jack Oil stated that through a joint venture, it will drive Bitcoin mining by simultaneously deploying gas power facilities and mining equipment on existing sites.
The company is also reviewing the adoption of a Bitcoin treasury strategy; Chairman David Bramhill noted that the mining business could provide the potential for sustainable profit generation.

A British oil company is starting to mine cryptocurrencies such as Bitcoin (BTC) using natural gas.

On the 7th (local time), British energy company Union Jack Oil announced its cryptocurrency mining project using natural gas through an official filing on the London Stock Exchange. Union Jack Oil stated, “(This project) is an initial plan to monetize gas production early through cryptocurrency mining,” adding that “cryptocurrency mining offers innovative and important short-term value creation opportunities.”

The cryptocurrency mining project is being carried out through a joint venture (JV) founded with Rathlin Energy and Reabold Resources. Union Jack Oil mentioned, “Rathlin Energy has been reviewing a development plan to install both gas power generation facilities and cryptocurrency mining equipment on the existing site,” and “the (mining) equipment will use natural gas produced at the site as fuel.”

Union Jack Oil also plans to consider introducing a Bitcoin treasury strategy. David Bramhill, chairman of Union Jack Oil, said, “(The cryptocurrency mining project) presents the potential for sustainable profit generation,” and “if the business succeeds, it will help with the adoption of a Bitcoin treasury strategy.”

BTC