Stretagies because of falling natural gas prices, canadian oil and gas company IBR has developed a rather innovative solution to improve profits. Iron Bridge Resources (IBR), one of the largest oil and gas companies in Canada, announced that it will use part of the produced gas to produce electricity for mining bitcoin. To implement the new strategy, IBR opens subsidiary Iron Chain Technologies (ICT), which will oversee the new center of the mining of cryptocurrencies.
In a press release
IBR stated that the data center will be located on its oil and gas fields in Elmworth, Alberta. Step is justified, given the fact that the price of bitcoin is hovering around $ 9,000, and the price of natural gas is at the level of $ 1.98 per cubic foot. Even with the high electricity requirements for mining cryptocurrency, the idea seems very wealthy.
«We are very pleased to join the blockchain, the movement, and together with our new technology we hope to contribute to the ecosystem by helping to increase transaction speed and lower transaction costs. The shareholders of IBR will get more profits from the sale of natural gas, as we transform our cheap gas into electricity, and then will send it to mining cryptocurrencies,» — said General Director of Iron Bridge Resources Colleo Rob (Rob Colcleugh).
IBR also confirmed that work is in full swing and ICT already starts mining. For ensuring smooth launch of the new company was responsible for three of the architect IT-systems experience with mining equipment. Currently the company is mining bitcoin, but if necessary, ready to engage in mining altcoins.
It should be noted that investments in the project for IBR is minimal, as the company owns a large pool of resources and infrastructure. In addition, their branch in Almora, where is the data center that consistently produces excess electricity. This will ensure that ICT 700 kW very cheap energy at the initial stage, the amount of which can quickly increase if necessary.
According to company estimates, IBR currently produces enough excess electricity to power a mining facility with a capacity of 45 MW. The company is also negotiating with other natural gas producers, to discuss the possibility of future cooperation in commercial projects.