Amazing Energy Oil & Gas Co. (AMAZ:OTCQX) announced in a news release that it entered into a supply and rental agreement with Bison Crypto Power Corp. (BCP), a wholly owned subsidiary of WRIT Media Group (WRIT:OTC), for off-the-grid future natural gas powered crypto mining camps.
"In this arrangement Amazing will work with BCP to identify suitable natural gas projects and implement the roll out strategy," stated the company.
Once completing the proof-of-concept phase, BCP plans to install multiple "mining camps" with infrastructure and secure locations for customers interested in becoming involved in the burgeoning cryptocurrency mining industry.
BCP's projections show that they can deliver electricity for approximately one-half of the average market power costs due to extremely low-cost generation fuel feedstock (natural gas), and small scale, skid-mounted, scalable plants providing low-cost electricity and quick installation, stated Amazing.
"Amazing plans to share in an Area of Mutual Interest (AMI) with BCP for future projects that cover most of West Texas and New Mexico, meaning that each party will have the option but not obligation to participate in future mining camps in the covered areas," stated the company.
"Providing gas supply to new industries and the resulting cash flows are part of our initiative to explore new opportunities and expand sales efforts," said Amazing's CEO, Willard McAndrew III. "This is a great opportunity for Amazing Energy to create a new sales channel for our natural gas to the burgeoning crypto mining space and BCP. We look forward to the proof of concept completion and expanding our sales under this relationship. Proof of concept in this case is generating electricity from natural gas, providing that power to a refrigerated trailer and miners processing transactions. Our internal estimate of natural gas within the 70,000 control acres could translate into becoming a steady supplier of power for this industry for years to come."
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