KryptoByte aims to transform stranded energy into digital assets.
KryptoByte intends to develop Bitcoin mining operations to produce and accumulate Bitcoin where it can access stranded energy.
KryptoByte’s initial assets are intended to be:
Firstly, a contract with a UK onshore natural gas operator and its partners to provide the capital to initiate natural gas production at one of their stranded wells.
In return KryptoByte would have the right to purchase natural gas produced from the well at a discount to the market price, where the discount is linked to the Bitcoin price.
KryptoByte would then initiate Bitcoin mining operations at the site.
KryptoByte intends to have an option to execute contracts on the same terms for two nearby well locations.
Secondly, KryptoByte intends to have a cashflow stream worth up to €2.5 million, underpinned by natural gas production from an onshore Italian well, which it will use to purchase and hold Bitcoin.
KryptoByte will look to roll this model out across the UK, Europe and globally, making it an early mover in the European Bitcoin mining space.
KryptoByte co-CEO Sachin Oza, on the ground in Italy where KrytoByte will have the right, at no capital cost, to a portion of the cashflows generated from these wells.
The Broadgate Tower, 8th Floor, 20 Primrose Street, London, England, EC2A 2EW
email at chris.connolly@kryptobyte.co.uk