British Energy Initiative Explores Diversification into Cryptocurrency Production through Parallel Digital Asset Extraction Operation
Reports emerged over the past weekend that Reabold Resources, a UK-based data center, is planning to venture into Bitcoin mining. It stated that the company is assessing a pilot power project in West Newton to mine Bitcoin from initial gas flows.
Reabold Clarifies Bitcoin Mining Plans
Following the report, Reabold has clarified the situation, affirming plans to explore BTC mining but on a small scale. According to the firm, participating in Bitcoin mining will not affect its commitment to promoting the UK’s energy security via its facilities. This stance contradicts earlier reports that the company plans to abandon its energy project to pursue Bitcoin mining.
Reabold addressed the concerns raised by critics who based their assessment on the initial reports. Those critics complained that using gas to power Bitcoin mining is not energy-secure or of any notable public benefit. According to them, it is the burning of fossil fuels to pursue one of the most energy-intensive and socially questionable activities at a time of high bills and missed climate targets
Commitment Toward UK Energy Needs
Responding to the statement, Reabold reaffirmed its commitment to continue progressing the significant onshore natural gas resource in the West Newton site for the benefit of UK energy security. The company said it will continue to engage with all stakeholders, both locally and nationally, to ensure the optimal development pathway for West Newton is achieved.
It is worth noting that the UK’s Environment Agency had granted Reabold a license to conduct limited, low-pressure fracking at its West Newton site near Hull. The project is estimated to accommodate up to eight billion cubic meters of gas, enough to meet more than 10% of the UK’s energy needs.
In addition, Reabold’s CEO, Sachin Oza, stated that managing a private gas supply means his firm can run a data center to mine Bitcoin relatively cheaply. However, he noted that doing so would help fund the further development of the gas field and prove the concept.
Other Plans For Reabold’s Gas Project
Besides using the gas produced to pursue its internal needs, Oza also stated that Reabold can sell part of its product to one of the adjacent industrial centers or connect it to the national grid. Oza’s statement is consistent with his firm’s official release, which stated that the idea behind its overall plan is to demonstrate the ability to use the site’s gas to fuel data center developments that will be “crucial to the future UK economy.
According to Reabold, successful implementation of such a project could enable the development of a larger-scale data centre at the site, which would not preclude the potential for gas-to-grid or gas-to-industrial-consumption development options.
Related: Union Jack Oil Plans Bitcoin Mining Operation Using Natural Gas at West Newton