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UK-based Union Jack Oil turns to Bitcoin mining amid rising network difficulty
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Union Jack Oil (UJO), a UK-listed oil and gas firm, is exploring a new path to monetize its gas resources by turning to Bitcoin mining, per an Aug. 7 statement.
According to the firm, the move is focused on harnessing the natural gas from its West Newton site in East Yorkshire to generate electricity for powering crypto mining operations.
Why Bitcoin mining?
Union Jack’s Executive Chairman, David Bramhill, expressed confidence in the project’s potential, noting that the Bitcoin mining strategy could lead to the creation of a new Bitcoin Treasury strategy for the oil and gas company.
To achieve this, the firm stated that Rathlin Energy and its joint venture partners, including Reabold Resources, have signed a non-binding letter of intent (LOI) with 360 Energy, a Texas-based firm specializing in natural gas monetization.
The agreement outlines a strategy to install gas-powered electricity infrastructure and Bitcoin mining units directly at the production site.
The initiative aims to use gas from the West Newton A and B wells to power onsite data centers. Speaking about these centers, Bramhill said:
“We continue to believe that this asset holds material value which could eventually deliver significant volumes of onshore low-carbon sales gas into the UK`s important domestic natural gas market. West Newton is estimated to contain gross recoverable 2C gas resources of almost 200 billion cubic feet, according to an independent assessment undertaken by RPS in 2022.”
These centers will run 360 Energy’s “In-Field Computing” (IFC) system, designed to convert raw gas into electricity for crypto mining.
According to Union Jack, early production concepts like this allow them to unlock value from existing wells without waiting for full field development. If successful, the model could be replicated at other nearby discoveries.
Mining difficulty surging
Union Jack’s Bitcoin mining plans come at an interesting time when Bitcoin mining difficulty is rising.
According to data from Cloverpool, Bitcoin mining difficulty is expected to surge to an all-time high of over 130 trillion on Aug. 9.
Despite this milestone, the broader growth in mining activity appears to be decelerating.
According to insights from Blockware, the year-to-date increase in mining difficulty stands at just 16%. If this pace holds, 2025 could register as the slowest year of mining difficulty growth in Bitcoin’s history.
The slowdown is primarily attributed to maturing hardware capabilities, infrastructure limitations, and the growing interest of data center operators in alternative sectors like artificial intelligence.
Blockware suggested that this deceleration in mining difficulty is ultimately bullish for Bitcoin miners, as it translates into less competition for the daily 450 BTC mined.
The post UK-based Union Jack Oil turns to Bitcoin mining amid rising network difficulty appeared first on CryptoSlate.
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$ 0.0000249
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Gold just erased $5.5 trillion in value and Bitcoin bulls see one huge opening ahead
Bitcoin ready to record fourth straight red month and the $81,000 floor is suddenly everything
UK-based Union Jack Oil turns to Bitcoin mining amid rising network difficulty
Share:
Union Jack Oil (UJO), a UK-listed oil and gas firm, is exploring a new path to monetize its gas resources by turning to Bitcoin mining, per an Aug. 7 statement.
According to the firm, the move is focused on harnessing the natural gas from its West Newton site in East Yorkshire to generate electricity for powering crypto mining operations.
Why Bitcoin mining?
Union Jack’s Executive Chairman, David Bramhill, expressed confidence in the project’s potential, noting that the Bitcoin mining strategy could lead to the creation of a new Bitcoin Treasury strategy for the oil and gas company.
To achieve this, the firm stated that Rathlin Energy and its joint venture partners, including Reabold Resources, have signed a non-binding letter of intent (LOI) with 360 Energy, a Texas-based firm specializing in natural gas monetization.
The agreement outlines a strategy to install gas-powered electricity infrastructure and Bitcoin mining units directly at the production site.
The initiative aims to use gas from the West Newton A and B wells to power onsite data centers. Speaking about these centers, Bramhill said:
“We continue to believe that this asset holds material value which could eventually deliver significant volumes of onshore low-carbon sales gas into the UK`s important domestic natural gas market. West Newton is estimated to contain gross recoverable 2C gas resources of almost 200 billion cubic feet, according to an independent assessment undertaken by RPS in 2022.”
These centers will run 360 Energy’s “In-Field Computing” (IFC) system, designed to convert raw gas into electricity for crypto mining.
According to Union Jack, early production concepts like this allow them to unlock value from existing wells without waiting for full field development. If successful, the model could be replicated at other nearby discoveries.
Mining difficulty surging
Union Jack’s Bitcoin mining plans come at an interesting time when Bitcoin mining difficulty is rising.
According to data from Cloverpool, Bitcoin mining difficulty is expected to surge to an all-time high of over 130 trillion on Aug. 9.
Despite this milestone, the broader growth in mining activity appears to be decelerating.
According to insights from Blockware, the year-to-date increase in mining difficulty stands at just 16%. If this pace holds, 2025 could register as the slowest year of mining difficulty growth in Bitcoin’s history.
The slowdown is primarily attributed to maturing hardware capabilities, infrastructure limitations, and the growing interest of data center operators in alternative sectors like artificial intelligence.
Blockware suggested that this deceleration in mining difficulty is ultimately bullish for Bitcoin miners, as it translates into less competition for the daily 450 BTC mined.
The post UK-based Union Jack Oil turns to Bitcoin mining amid rising network difficulty appeared first on CryptoSlate.
In This News
Coins
$ 83.86K
+1.25%$ 0.0995
-0.50%$ 0.0133
+4.25%$ 0.00...361
$ 0.0000249
Share:
In This News
Coins
$ 83.86K
+1.25%$ 0.0995
-0.50%$ 0.0133
+4.25%$ 0.00...361
$ 0.0000249
Share:
Read More
Gold just erased $5.5 trillion in value and Bitcoin bulls see one huge opening ahead