Cuentas (CUEN) announced a Power-as-a-Service and colocation agreement with Power Upp USA for a proposed West Texas Bitcoin mining project using electricity generated from methane and associated gas from oil-field operations.

The Phase 1 plan contemplates one containerized mining unit with about 2.4 MW of contracted power and approximately 420 ASIC miners plus 12 spares. Cuentas estimates Phase 1 could produce about 1.5 BTC per month, which at a stated current average Bitcoin price over $86,000 implies approximately $130,000 in monthly revenue and up to about $43,000 in monthly profit. Phase 2 is scheduled for up to 10 containerized units, about 24 MW of power and approximately 4,200 ASIC miners plus 120 spares, which at current prices is estimated to yield around $1.3 million in monthly revenue and about $430,000 in profit when fully deployed.

Cuentas plans to use Bitcoin mining profits to subsidize or reward its telecommunications customers through its developing Bitcoin Mobile wireless service, which aims to offer nationwide connectivity with subsidies and/or Bitcoin-linked rewards. The company emphasizes that the project’s potential environmental benefit is based on productive use of associated gas that might otherwise have limited economic value, and it cautions investors that future Bitcoin production and profitability are not guaranteed.