AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- AXP Energy Limited (AXP) scales up its second gas-to-power-to-bitcoin project in Colorado.
- Two new generators boost power capacity; operations anticipated to commence by May 2025.
- Strategic partnership with BitFuFu, Inc reinforces AXP's innovative approach to energy utilization.
AXP Energy Limited (ASX:AXP) is making significant strides in its innovative project that converts stranded natural gas into electricity for bitcoin mining. The company recently announced the expansion of its second gas-to-power-bitcoin site located at the Pathfinder Field in Colorado. This initiative not only utilizes natural gas more efficiently but also aims to provide an additional revenue stream through bitcoin mining.
Currently, AXP Energy is in the process of setting up a second production hub at the JW Powell well site. The company has already submitted necessary permits and is expecting the delivery of two new generators from Gentech in early April. These additions are projected to increase the site’s power generation capacity by an additional 1.75 MW/hr. With these advancements, the site is on track to be operational by the end of May 2025.
The JW Powell well, which was completed in 2019, has shown a peak gas flow rate of 2100 mcf/day. This demonstrates the well's capacity to support the increased energy demands of the new project. AXP Energy's ambitious goal is to produce 25 MW/hr of power by the end of CY2025. This scale-up is a part of the company’s broader strategy to enhance its sustainability practices and operational efficiency.
In addition to its operational achievements, AXP Energy has entered into a strategic partnership with BitFuFu, Inc, a renowned player in the cryptocurrency mining industry. Under this collaboration, BitFuFu, Inc will supply ASIC miners for the new site. AXP Energy will provide the necessary natural gas, power, and site services. This partnership not only enhances the project's viability but also aligns with ongoing efforts to increase oil production and sales revenue at the site.
Managing Director Dan Lanskey commented on the project’s progress, emphasizing the dual benefits of this initiative. According to Lanskey, the gas-to-power operations not only promise compelling economic prospects but also boost oil production, which remains a core focus for the company. He highlighted the enthusiasm within the team, driven by the support from a respected entity in the cryptocurrency sector, and pointed out the significant opportunities this presents for AXP Energy.
As AXP Energy continues to build out its capabilities and explore innovative solutions to energy utilization, the industry watches closely. The company's approach not only addresses environmental concerns associated with stranded natural gas but also taps into the burgeoning field of cryptocurrency, marking a significant step forward in energy resource management.
