- Union Jack Oil and Reabold Resources partner with 360 Energy to mine Bitcoin using West Newton gas.
- The project reduces methane emissions by up to 40%, per a 2023 NREL study.
- The Humber region could emerge as a leader in decentralized finance.
In a groundbreaking move, UK-listed oil and gas companies Union Jack Oil and Reabold Resources have signed a non-binding letter of intent with Texas-based 360 Energy to deploy Bitcoin mining facilities at the West Newton gas field.
Announced on August 7, 2025, the initiative will harness on-site natural gas to power data centers, producing Bitcoin while creating a new revenue stream for the joint venture.
This innovative approach transforms stranded gas—previously underutilized or flared—into a valuable resource, blending traditional energy production with the burgeoning world of cryptocurrency. The project leverages the West Newton gas field, located in the Humber region, a £18 billion economic powerhouse known for its carbon-intensive industries.
By converting natural gas into electricity for Bitcoin mining, the partnership aims to reduce methane emissions, aligning with sustainability goals. A 2023 National Renewable Energy Laboratory study supports this strategy, noting that using stranded gas for crypto mining can cut methane emissions by up to 40% compared to traditional flaring. This dual benefit of economic gain and environmental impact positions the Humber region as a potential leader in decentralized finance.
The collaboration with 360 Energy, a company with proven expertise in gas-powered Bitcoin mining, builds on a model pioneered in the U.S., where natural gas prices and Bitcoin values have created profitable synergies. For instance, in 2024, 360 Mining demonstrated that 1,000 cubic feet of gas at $1.60 could generate $22.00 worth of Bitcoin when prices exceeded $60,000.
This project could set a precedent for other oil and gas firms globally, particularly in regions with excess gas production. As the cryptocurrency market evolves, such initiatives may redefine energy use, bridging traditional industries with cutting-edge technology.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
