BlockBeats News, August 7th, according to The Block, Union Jack Oil (ticker: UJO), a company focused on onshore oil and gas production, development, exploration, and investment in the United States and the United Kingdom, plans to monetize the natural gas production at its joint exploration site in East Yorkshire, England through a new Bitcoin mining operation.
The UK-listed company stated on Thursday that the joint project operated by Rathlin Energy has signed a non-binding agreement with 360 Energy, a Texas-based natural gas offtake and monetization service provider, to deploy Bitcoin mining infrastructure. Due to regulatory delays continuing to hinder the traditional development path, mining is seen as an alternative solution. Both parties expect to further sign a formal agreement with legal enforceability on the same terms.
The Union Jack board believes that the proposed Bitcoin mining scheme is a creative approach with strong potential for sustainable returns. If the project is successful, the company may further introduce a Bitcoin reserve strategy in the future.
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