UK-based Union Jack Oil has signed a preliminary agreement with Texas-based 360 Energy to establish a Bitcoin mining facility.
Agreement for Building Bitcoin Mining Facility
Union Jack Oil, along with Reabold Resources and other partners, has signed a non-binding letter of intent with 360 Energy to build a Bitcoin mining facility at the West Newton gas field in England.
Utilizing Natural Gas for Powering Centers
Under the agreement, natural gas extracted from the West Newton gas field will be used to power data centers to be built on the site. These centers are planned to be used for Bitcoin mining.
Impact on Environment and Cryptocurrency Market
The initiative aims to efficiently utilize fossil fuel resources for energy-intensive cryptocurrency mining. 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, 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.
