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.

Blockchain frenzy fuelling company name changes, new coins, reverse takeovers and soaring stock pricesBig changes coming as bitcoin futures trading, ETFs launch

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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