Union Jack Oil plans to convert natural gas from its West Newton site into electricity for Bitcoin mining, potentially the first in the UK. The move aims to generate cash flow from undeveloped wells. The project is in partnership with Rathlin Energy and 360 Energy, using In-Field Computing technology.

West Newton site remains undeveloped due to regulatory delays, despite being a significant onshore gas discovery. Union Jack Oil plans to use on-site gas for Bitcoin mining to generate revenue without waiting for full approvals. The company sees the project as innovative and offering strong returns.

Energy companies like Union Jack Oil are exploring Bitcoin mining to monetize underused resources. Converting gas into electricity on-site to power mining rigs helps avoid delays and costs. Similar approaches are being used in the US and Argentina, showing a shift in how energy is being monetized through Bitcoin mining.

Read more at Cointelegraph: UK oil company Union Jack plans to mine Bitcoin with stranded gas