Bitcoin News Today: Union Jack Oil partners with 360 Energy to mine Bitcoin using UK gas surplus

Union Jack Oil plc has partnered with Reabold Resources and 360 Energy to develop a Bitcoin mining operation at the West Newton gas field in the UK, leveraging freely available natural gas to generate on-site electricity for cryptocurrency mining activities. The initiative, managed under the joint venture entity Rathlin Energy Ltd, aims to repurpose surplus gas from existing wells that cannot be economically transported or sold via conventional methods, creating an alternative revenue stream for the company [1].

The project involves deploying in-field computing (IFC) technology—previously used in U.S. operations—to convert natural gas directly into electricity, which will power data centers on-site. The mining plant is expected to draw gas from the WNA-2 well at the West Newton A site. The feasibility study has confirmed the technical viability of the early-stage mining operations [1].

Union Jack Oil owns a 16.665% stake in the PEDL183 license, which includes the West Newton gas fields, a resource estimated to contain nearly 200 billion cubic feet of recoverable gas. This partnership marks a strategic shift toward a long-term Bitcoin treasury strategy, with the company suggesting the possibility of formally holding mined cryptocurrency as a financial asset [1].

David Bramhill, Executive Chairman of Union Jack Oil, emphasized that the venture demonstrates the company’s commitment to extracting value from its onshore gas reserves while navigating the evolving regulatory environment in the UK energy sector. He noted that the asset could also support a substantial low-carbon gas supply for the domestic market [1].

360 Energy, based in Texas, brings experience in using IFC technology to power off-grid Bitcoin mining operations. Its modular and portable installations allow for rapid deployment and scalability, making it ideal for this type of project [1]. A non-binding Letter of Intent has been signed between Rathlin Energy and 360 Energy to design the mining solution at the West Newton site [1].

Analysts have pointed out that such ventures remain uncommon in the UK energy sector, making this collaboration a pilot test for similar initiatives. The project is also aligned with growing global trends in the energy industry, where companies are increasingly exploring Bitcoin treasuries as a means to monetize otherwise unused gas volumes [1].

Some experts have highlighted how IFC technology can reduce carbon emissions by up to 63% by converting wasted flare gas into electricity for mining, effectively turning a potential environmental liability into a profitable and sustainable asset [1].

Union Jack Oil indicated that a successful deployment of the initial project could lead to the expansion of mining activities across the West Newton field. The joint venture is expected to evolve further as the partnership progresses, with additional details to be disclosed in due course [1].

Source: [1] Union Jack Oil taps Reabold Resources to mine Bitcoin in partnership with 360 Energy (https://coinmarketcap.com/community/articles/6894b7306f5f5e27bc00419d/)