CALGARY – With natural gas prices expected to remain stubbornly low, one Alberta producer has come up with a novel way to boost its bottom line: using its gas stream to power computer servers that will mine potentially lucrative cryptocurrencies such as Bitcoin.
Iron Bridge Resources Ltd. announced it would form a new subsidiary called Iron Bridge Technology in an attempt to join the cryptocurrency and blockchain craze – but also to arbitrage the difference between the value of Bitcoin, currently valued at US$11,188 per coin, and AECO gas, currently valued at $1.98 per thousand cubic feet.
“It was driving me insane to be handing off – from pretty much October onwards – our gas for next to nothing,” Iron Bridge CEO Rob Colcleugh said.
AECO gas is worth $1.43 per thousand cubic feet on a 12-month futures contract and Colcleugh said the company, at times, pays up to $1.30 per mcf in processing and transportation fees, which eliminates most of his natural gas earnings.
As a result, Colcleugh plans to burn that gas and produce electricity and use that electricity …read more
Source:: Financial Post – Tech
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