Cuentas Taps Methane Gas for West Texas Bitcoin Mining Operation

Cuentas has announced a strategic agreement with Power Upp USA to utilize methane and associated gas produced in oil-field operations for Bitcoin mining. The project, located in West Texas, aims to capture and convert this underutilized energy resource into electricity for the mining operation.

The proposed deployment consists of two phases: Phase 1 will have approximately 2.4 megawatts of contracted power capacity and 420 operational ASIC miners, while Phase 2 is expected to reach up to 24 megawatts and 4,200 operational ASIC miners. At current Bitcoin prices, the project should yield revenue of approximately $130,000 per month in Phase 1 and $1.3 million per month in Phase 2.

Cuentas plans to use these profits to subsidize its customers' mobile services, cyber-security, and VPN offerings. The company believes that projects like this can provide both economic and environmental value, subject to applicable regulatory requirements and project-specific circumstances.