UK-based and publicly traded Union Jack Oil, along with Reabold Resources and other partners, announced that it has signed a non-binding letter of intent with Texas-based 360 Energy to build a Bitcoin mining facility.
British oil and gas company Union Jack Oil signs agreement with Texas-based 360 Energy to mine Bitcoin at West Newton field
Under the agreement, natural gas extracted from the West Newton gas field in England will be used to power data centers to be built on the site. These centers are planned to be used for Bitcoin mining.
The initiative aims to efficiently utilize fossil fuel resources for energy-intensive cryptocurrency mining. The companies aim to establish mining infrastructure that will convert natural gas into energy and generate Bitcoin directly on-site.
Union Jack Oil emphasized that this collaboration is an innovative step for both the energy sector and cryptocurrency markets, while also highlighting the project's potential to reduce its carbon footprint.
While a final agreement has not yet been signed for the partnership, this step is considered a significant milestone for the project to move forward. Further technical and commercial details are expected to be finalized between the parties.
*This is not investment advice.
