UK Gas Company Faces Pushback Over Bitcoin Mining Plans

Reabold Resources, a UK-based energy company focused on oil and gas, has told investors that it will “exploring the possibilities” for me Bitcoin and a small power station in Yorkshire – although the tone softened following the initial push for the idea.

“Private gas means we can run a data center to mine Bitcoin cheaply,” Reabold CEO Sachin Oza said. Telegraph. “Initially, this could help improve the gas field and prove the concept—meaning it could be a precursor to a larger data center. “

The company’s official announcement, which was made on Monday as a “media release,” differs in wording. story from Telegraph, which said the company would use its West Newton oilfield to “produce Bitcoin instead of increasing British energy.”

“The important natural gas project at West Newton in Yorkshire has been progressing to benefit the UK’s energy security, which is vital at this time of great national uncertainty,” the company wrote in its statement.

“Additionally, Reabold will continue to engage with all stakeholders, both locally and nationally, to ensure the best possible development plan for West Newton is achieved,” it added.

The company’s statement says that it can use the original gas flow to generate energy Bitcoin mining work, based on Oza’s message to Telegraph. Doing so would show the potential to use the West Newton gas field for “data infrastructure developments that will be very important to the UK’s future economy,” he said.

“The proper planning of such a project can lead to the creation of a large data center on the site, which will not prevent the access of gas to the grid, or gas to the infrastructure for industrial use,” it wrote.

The company’s response follows criticism from anti-fracking leader Lorraine Inglis, who told Telegraph that “using that gas to mine Bitcoin is not energy security or real human benefit, but deliberately burning fossil fuels for one energy-intensive and questionable project at a time of high cost and missed climate.”

Shares in the company (RBD) rose 7.3% on Monday after the announcement on Sunday. Telegraph report.

Entering the firm in the place of Bitcoin mining would say that the money that has been sold to the public Bitcoin mining strays from the mining of the top crypto economy, instead of providing the computing power of mining intelligence (AI). For example, Bitfarms was converted to Keel Infrastructure by he lost his Bitcoin business tracking gaps in the demand for AI power.