Reabold Resources, a British company specializing in oil and gas, announced it is “exploring the potential” of Bitcoin mining using a small-scale power generation site in Yorkshire. This announcement followed some initial resistance to the concept.
Sachin Oza, co-CEO of Reabold, explained to The Telegraph that leveraging their private gas supply could enable cost-effective Bitcoin mining operations. He indicated that such an initiative would initially finance further development of their gas field and demonstrate its viability as a precursor to larger data center projects.
In a Monday statement clarifying media reports, the company emphasized its commitment to advancing the West Newton natural gas site for U.K. energy security amidst geopolitical uncertainties. The firm aims to work with stakeholders nationwide to optimize the site’s development trajectory.
Their statement echoed Oza’s remarks about using initial gas flows for Bitcoin mining as a means to explore data center developments critical to the future British economy. They highlighted that successful execution could lead to larger-scale data centers, without excluding other potential uses like gas-to-grid or industrial consumption.
This response came after criticism from anti-fracking advocate Lorraine Inglis, who argued that using gas for Bitcoin mining does not enhance energy security and instead diverts fossil fuels towards a highly resource-intensive activity amidst rising costs and unmet climate targets.
Following the clarification, shares in Reabold (RBD) rose by 7.3% on Monday after Sunday’s Telegraph report.
Reabold’s move into Bitcoin mining contrasts with trends where publicly traded miners are shifting focus from cryptocurrency to artificial intelligence energy needs. For instance, Bitfarms rebranded as Keel Infrastructure and exited the Bitcoin market to explore AI opportunities.