TechFlow news, August 7 — According to The Block, UK-listed company Union Jack Oil announced plans to launch bitcoin mining operations at its West Newton site in East Yorkshire. The company will partner with Texas-based gas services provider 360 Energy to convert on-site natural gas into electricity for bitcoin mining. The site has been assessed to hold nearly 200 billion cubic feet of recoverable natural gas reserves.
David Bramhill, Executive Chairman of Union Jack Oil, said the innovative approach could generate early revenues before full-scale development of the gas field. If successful, the company may consider adopting a bitcoin treasury strategy. The collaboration is currently at the non-binding agreement stage and will require regulatory and third-party approvals before implementation.
