Iron Brdg Res Inc. OEXFF

NEWS - Jan 26, 2018 ... now that's turning Gas into $$$

[OakTreeCap38]

The Financial Post reports in its Friday edition that Iron Bridge Resources has found 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. The Post's Geoffrey Morgan writes that Iron Bridge is forming a new subsidiary called Iron Bridge Technology in an attempt to join the cryptocurrency and blockchain craze. Iron Bridge boss Rob Colcleugh says, "It was driving me insane to be handing off -- from pretty much October onwards -- our gas for next to nothing." AECO gas is worth $1.43 (U.S.) per thousand cubic feet on a 12-month futures contract and Mr. Colcleugh says the company, at times, pays up to $1.30 (U.S.) per mcf in processing and transportation fees, which cuts most of his natural gas earnings. As a result, Mr. Colcleugh plans to burn that gas and produce electricity and use that electricity to power computer hardware mining cryptocurrency tokens. Assuming that 215 kilowatt hours of electricity are needed to produce one Bitcoin, GMP estimates that Iron Bridge could earn $49 (U.S.) per mcf for its gas. That is more than 30 times the price Iron Bridge currently receives for its gas.

[Gladstone22]

5 billion GH/s current mining rate. (6/6/17) Bitcoin currency statistics Antminer S4—0.703 watt/GH Bitcoin mining hardware World wide power = 5 billion x 0.703 = 3.515 billion watts = 3.515 million kw It takes 3.515.million kw hrs to earn 12 bitcoins 6 times in an hour or 72 btc/hr. That works out to: 48,800 kw hrs/bitcoin. That is optimistic. Most mining gear is less efficient than the

[OakTreeCap38]

Always learning ... thanks Gladstone!!

[mike49]

Easy to get lost in #s here.we have the same arguments with calculations and cost re greenhouse gasses.bottom line is what does it cost ibr and is there a profit to be made. i have watched coal mines throw away gravel,power plants dump fly ash,and oil companies squandering  fresh water licenses on uneconomical fields. The co-gen plant is built,why not try to exploit what you have? btw,i think