U.K. energy firm Reabold Resources is exploring using gas from its West Newton field in Yorkshire to power a small-scale Bitcoin mining operation. The company clarified its position after a report suggesting it would prioritize mining over U.K. energy needs, stating the gas resource will still benefit national energy security. Shares in the firm traded on the London Stock Exchange rose over 7% following the announcement.
Reabold Resources told investors it is “exploring the potential” to mine Bitcoin with a small-scale power facility at its Yorkshire gas site. The firm’s co-CEO Sachin Oza stated a private gas supply allows for relatively cheap Bitcoin mining to initially fund further field development.
The company’s official clarification softened the tone from an earlier report which suggested it would use the field to mine Bitcoin instead of boosting British energy. It emphasized the West Newton gas will continue to be progressed for U.K. energy security given geopolitical uncertainty.
Reabold’s statement said using initial gas flows for Bitcoin mining could showcase feasibility for future data center developments crucial to the U.K. economy. It noted this would not preclude other development options like supplying gas to the grid or for industrial consumption.
The idea faced criticism from anti-fracking campaigner Lorraine Inglis, who called Bitcoin mining one of the most energy-intensive activities. Inglis argued it does not represent energy security or public benefit during a time of high bills and missed climate targets.
Shares in the firm, listed as RBD, jumped 7.3% on Monday following the clarification. The potential move contrasts with a trend of some public miners pivoting from Bitcoin to providing compute power for artificial intelligence.
