MoU for Bitcoin Mining Data Center Project

Allied Energy Corp, an oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon areas in the United States, has announced the signing of an MOU with Budapest-based Enerhash USA LLC and River Energy Group LLC.

The companies will work together on the feasibility and analysis for developing solutions to utilize stranded and flare gas resources in the USA for Bitcoin mining and High Performance Computing data centers. This MOU sets the path towards building a long-term strong relationship between the Parties.

The initial 1 MW (300 mcf) site is the first phase of the 20 MW development project. Allied-River and Enerhash will be working on expanding their operational footprint to 100 MW rapidly.

Enerhash is an energy technology and digital infrastructure development company founded by European energy experts in Hungary in 2019. Enerhash has developed projects on three continents providing renewable energy optimization and grid balancing services including New Zealand, Sweden, Hungary and now they are entering into the USA.

Enerhash USA will align with energy producers as a solution to help alleviate harmful methane emissions caused by production. These solutions will monetize wasted natural gas resources to reduce emissions by eliminating routine flaring to reach ESG goals and unlock the value from stranded resources. To discover more about Enerhash USA, visit their corporate website at www.enerhashusa.com.

Tamás Seregi, the Chairman of the Board of Enerhash has over 25 years of management consulting experience at companies such as Boston Consulting Group and Schlumberger Business Consulting, working with numerous energy companies worldwide to address strategic, organizational and operational challenges.

He commented on the deal by saying that “as a former Schlumberger executive, I’ve had the chance to witness the value small independent producers bring to the industry by pragmatically embracing innovation. Today we all see what the shale revolution has brought to us resulting in a dramatic shift in the U.S. oil and gas industry and sending shockwaves across the globe. It all started right here in Texas by combining two well-established technologies at scale; horizontal drilling and fracking. Together we are looking forward to becoming drivers of the Flare Revolution by leveraging hyper computing to address methane management scaling up across Texas and beyond.”