Bitcoin News Today: UK Oil Firms Partner with 360 Energy to Mine Bitcoin Using Stranded Gas

In a strategic move to diversify revenue and reduce environmental impact, UK-based oil and gas companies Union Jack Oil and Reabold Resources have entered a non-binding letter of intent with 360 Energy Inc., a Texas-based firm specializing in gas-powered Bitcoin mining. The collaboration involves deploying 360 Energy’s In-Field Computing (IFC) technology at the West Newton gas field in Yorkshire, UK, where on-site natural gas will be converted into electricity to power local Bitcoin mining operations [1]. The initiative, announced on August 7, 2025, leverages stranded gas—previously flared or unused—to generate economic value while addressing emissions concerns [2].

Union Jack Oil holds a 16.665% working interest in the PEDL183 license, which includes the West Newton discoveries. A feasibility study conducted by Rathlin Energy indicates that gas from the WNA-2 well could power on-site mining operations [2]. This approach allows the joint venture to generate early cash flow before committing to full-scale development, a critical advantage in the current regulatory and planning environment for onshore gas projects [3].

The project aligns with sustainability goals by reducing methane emissions. A 2023 National Renewable Energy Laboratory (NREL) study highlighted that using stranded gas for Bitcoin mining can cut emissions by up to 40% compared to traditional flaring [1]. This dual benefit—economic and environmental—positions the Humber region, home to the West Newton field, as a potential leader in decentralized finance [1].

The initiative builds on a proven model in the U.S., where 360 Energy demonstrated that 1,000 cubic feet of gas at $1.60 could produce $22 worth of Bitcoin when prices exceed $60,000 [1]. This model leverages low-cost gas and favorable Bitcoin price dynamics to create a profitable synergy. For Union Jack Oil and its partners, the project represents a novel way to monetize underutilized resources while adapting to evolving market demands.

The broader implications of this collaboration could extend beyond the UK. As oil and gas companies worldwide face pressure to reduce emissions and optimize resource use, similar projects may emerge in other regions with stranded gas. The convergence of traditional energy and digital finance is reshaping how energy companies generate value, particularly in the context of stranded assets [2]. If successful, the West Newton project could serve as a blueprint for other firms seeking to integrate cryptocurrency mining into their operations.

David Bramhill, Executive Chairman of Union Jack Oil, emphasized the potential of the project to unlock significant value from the asset and provide a sustainable return amid industry challenges. The company also sees opportunities for a new Bitcoin Treasury strategy, leveraging the revenue stream from mining [3]. By combining existing infrastructure with cutting-edge technology, Union Jack Oil and its partners are demonstrating a forward-thinking approach to resource management and financial diversification [2].

This development reflects a broader trend among energy firms to explore innovative monetization strategies for underutilized resources. While the project is in its early stages, preliminary economic assessments suggest it could yield attractive returns from gas volumes that would otherwise go unused [2]. As the cryptocurrency market continues to evolve, such initiatives may redefine the role of energy companies in the digital economy, bridging traditional industries with emerging technologies.

Source:

[1] Union Jack Oil and Reabold Resources plan to mine Bitcoin using stranded gas via 360 Energy

(https://www.directorstalkinterviews.com/union-jack-oil-explores-bitcoin-mining-to-monetise-west-newton-gas/4121211041)

[2] Union Jack Oil and Reabold Resources plan to mine ...

(https://www.ainvest.com/news/union-jack-oil-reabold-resources-plan-bitcoin-stranded-gas-360-energy-2508/)

[3] Union Jack Oil and Reabold Resources plan to mine Bitcoin using stranded gas via 360 Energy