Union Jack Oil, a UK-listed company, aims to deploy Bitcoin mining at the West Newton gas field in partnership with Texas-based 360 Energy.
Partnership Agreement
Union Jack Oil has signed a non-binding letter of intent with 360 Energy, a natural gas offtake and monetization provider. Under the terms of the agreement, both companies will work towards converting the natural gas produced at West Newton into electricity for operating on-site data centers.
Potential Bitcoin Treasury
Executive Chairman of Union Jack Oil, David Bramhill, stated that if the West Newton venture proves successful, the board is considering establishing a Bitcoin treasury strategy. "The Board of Union Jack believes this proposed concept to produce Bitcoin through mining operations is innovative, ..."
Bitcoin Supply Data
According to Bitbo data, approximately 1.09 million BTC remain to be mined. The total supply of Bitcoin stands at 19.9 million, with about 94.7% already mined.
Union Jack Oil's Bitcoin mining project in collaboration with 360 Energy opens new possibilities for efficient use of natural gas resources in the UK.
