UK’s Union Jack Oil to turn stranded gas into Bitcoin
Union Jack Oil’s new Bitcoin mining plan could turn stalled gas wells into early cash flow, potentially paving the way for one of the UK’s first corporate Bitcoin treasuries.
Union Jack Oil, a publicly traded UK energy company, has announced plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining, marking what could become one of the country’s first “oil-to-crypto” monetization projects.
The move could generate early cash flow from wells that would otherwise remain undeveloped, the company said on Thursday in an operations report.
The project is being pursued in partnership with Rathlin Energy and Texas-based 360 Energy, which specializes in turning stranded or flared gas into power for on-site data centers.