KryptoByte, which is reportedly seeking to transform stranded energy into digital assets, is pleased to announce a partnership with Archax, a UK based digital asset exchange, broker and custodian. Archax will become the custodian for Bitcoin generated and acquired by KryptoByte and will aim to “support the development of KryptoByte’s digital asset strategy.
As noted in the update shared by Archax, KryptoByte will have key assets:
The first will be a natural gas derived cashflow stream “worth €2.5 million, which will be used to accumulate Bitcoin.”
The second will be a contract to purchase natural gas from “a stranded, onshore well in the UK at a significant discount to the prevailing market price.”
KryptoByte then plans to deploy Bitcoin mining operations at the site by co-locating power generation and Bitcoin mining rigs, creating “an integrated, small-footprint operation which is inherently scalable – with the vision of replicating this throughout the UK, Europe, and globally using the company’s skill set to identify stranded energy opportunities.”
By harnessing stranded energy that “cannot be fed into existing infrastructure, KryptoByte will reduce the reliance on electrical grid infrastructure for its operations.”
This unlocks economic, environmental, and “technological value.”
This model offers enhanced value potential when “compared to a pure crypto treasury model and, KryptoByte believes this is a compelling opportunity for potential shareholders.”
Sachin Oza, Co-CEO of KryptoByte, said that they are pleased to partner with Archax to benefit from their Bitcoin custody and trading offerings and to present the “story of KryptoByte to its clients.”
Their model differentiates them from peers; through the “purchase of natural gas from stranded assets at a discount to market prices, they are able to mine and accumulate Bitcoin at competitive costs.”
This partnership is the first step in their mission “to create a pilot scheme in the northeast of England that delivers this proof of concept and facilitates a roll out across further sites in the UK and Europe, with the ambition to support the growth of digital infrastructure, such as data centres, globally.”
William Samkin, Head of OTC Trading at Archax, added that they are pleased to be partnering with KryptoByte on their use of “stranded, natural gas energy and cashflow assets to fuel crypto mining and treasury operations.”
Samkin also stated that it is a novel and “clever way of providing investors exposure not only to holding, but the mining of BTC by capitalising on real-world inefficiencies.”
Archax is pleased to have been selected as the crypto “custodian and OTC partner for this initiative.”