UK’s Union Jack Oil to Turn Unused Gas into Bitcoin
London-listed energy company Union Jack Oil has announced plans to convert natural gas from its West Newton field into electricity for bitcoin mining, in what could be one of the country’s first oil-to-crypto projects.
It is known that the new project is being implemented by Union Jack Oil 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 to Union Jack Oil unveiling a new strategy for accumulating bitcoin, said the company’s executive chairman, David Bramhill.
British Union Jack Oil is not the first company to use unused resources to mine cryptocurrencies. In the US state of North Dakota, ConocoPhillips launched a pilot program to supply excess gas to Bitcoin miners instead of burning it. Canadian corporation AgriFORCE sent unused natural gas to power 120 installations and extract the flagship asset.
