Bitcoin operation idea for Holderness gas site

PLANS to put a Bitcoin mining operation at a Holderness gas drilling site are being considered by the business partners behind ambitions to expand production there.

- By TOM KEIGHLEY

Reabold Resources the investment company behind the West Newton gas site and Union Jack Oil say accumulating the cryptocurrency could help them open up more wells at the location, which has faced criticism from environmental campaigners.

The partners have joined forces with Texas company 360 Energy, which specialises in monetising oil and gas drilling sites by introducing generators, data centres and Bitcoin mining servers. Reabold says the move could help generate cash-flow to support production and that comes after its joint venture company - Rathlin Energy - last year said it required more funding to meet commitments under its licence to explore and drill in the Holderness area.

Rathlin is looking at putting gas-powered generators and crypto mining equipment - which requires huge amounts of energy at the West Newton A and West Newton B sites. The kit would be fuelled by natural gas extracted by existing wells at those sites.