Calgary-based crude oil and natural gas producer
Iron Bridge Resources (TSX:IBR) is taking a different approach to boost its earnings by harvesting a new resource – Bitcoin.
The Company is launching a wholly-owned Bitcoin mining operation called
Iron Chain Technology Corp (ICT) near its oil and gas field site in Elmworth, Alberta. Instead of selling its gas at lower prices, it will use part of its power to generate electricity to mine virtual coins.
Bitcoin prices recently eclipsed $10,000, while natural gas prices have stepped back. Meanwhile, investment bank
GMP FirstEnergy Securitiesis downgrading its expectations for natural gas prices in 2018 from $3.61 to $2.21 per one thousand cubic feet.
ICT will reduce power costs even further by using processing gear that is not seeing high in addition to being located where power is cheaper.
Iron Bridge CEO, Rob Colcleugh announced
in a news release that the aim is to “Contribute to the ecosystem by helping to increase transaction speeds and lower transaction costs.”
The Company will exclusively mine Bitcoin but may look at mining other cryptocurrencies in the future.