Upstream focuses mostly on oil producers in the Canadian provinces of Alberta and Saskatchewan, which are rich in oil. There are also plans for Texas, Barbour said: a small oil drilling company, the name of which he said he couldn't disclose, purchased a mining data center for an unfruitful drilling site.

“A company was searching for oil, it didn’t find any. They did find a lot of gas, but the gas is worthless, you can’t sell it to anyone in Texas right now. So they can either abandon the well and lose money or they can invest in bitcoin mining,” Barbour said.