Allied Energy Corporation (OTC:AGYP) Stock On Watchlist After Update on Their Bitcoin Mining Joint Venture Project

The energy sector remains one of the more valuable sectors for investors, and over the past few years, it has managed to generate considerable wealth. One of the more innovative companies in the sector is Allied Energy Corporation (OTC:AGYP), which is a specialist in the leasing and optimization of hydrocarbons in the valuable United States energy industry. On Thursday, the company provided an update with regards to its Bitcoin mining project in collaboration with Enegix Global, its joint venture partner.

The company announced that the Bitcoin mining project had hit a major new milestone owing to the commencement of construction at the location in Brenham, Texas, on April 2, 2024. It was noted that the completion of the pad and the preparations that had been made for the installation of equipment were a major step forward. The beta test that would be conducted at the location would run for 60 to 90 days, and it would be the key phase during which the operations would be fine-tuned. Instead of power generators, natural gas would be used to run the operations, and through that move, the company would look to optimize the production of electrical power meant for mining operations.

In the news release, Allied Energy Corporation also enumerated the key areas that would be in focus during the beta testing phase. One of those would be testing the performance of the generator at different power settings and setting up maintenance schedules that would lead to lower downtime. The intelligence that would be gained during the beta testing phase would then be used by the team to boost future operations considerably and enhance efficiency. The Chief Executive Officer of Allied Energy Corporation, George Monteith, spoke about the project as well. He noted that he was confident about the partnership and expected it to create value for shareholders.