Cryptocurrency News

Giant Oil Production Company is Planning to Start Bitcoin Mining

Saudi Aramco is the third-largest company in the whole world. The company owns and manages all the oil and petroleum that is produced in the kingdom of Saudi Arabia. Recent reports claim that the company is reportedly planning to venture into Bitcoin mining. Ray Nasser is a Bitcoin miner based in Brazil who was recently invited to the YouTube channel Bitcoinheiros.

Nasser explained the oil giant was in the process of negotiating for a new Bitcoin mining venture. He further added that during the processing of petroleum products, a lot of flare gas is produced. The company is unable to make use of this product, and they are imposed to dispose of it safely. However, this gas can be used to power Bitcoin miners.

The report issued by reveals the ongoing debate in further detail. The report reveals that Aramco has enough gas to power up more than 50% of the total Bitcoin hashrate production. At present, Aramco officials have not made any official announcement on the matter.

The report also unveiled that the company has to get rid of the excess gas as a production extract. This gas is also a major cause of potential environmental damages. By using the gas for Bitcoin mining that the company might be able to recycle their by-product and also earn revenue from it.

Saudi Aramco is Already Using Blockchain Technology

Aramco is not unfamiliar with the concept of blockchain technology. The company has already invested in two blockchain projects called VAKT and Gumbo. The vision of Aramco to integrate the blockchain technology in their mainframe was to reduce the paper waste for recording the necessary office work and project details. Aramco also partnered with IBM to deploy a new blockchain forum.

The idea of petroleum manufacturers getting into the crypto space is not strange. Gazprom that is the Russian counterpart of Aramco, has started to offer crypto mining services since 2020. The state-owned enterprise is considered the 10th largest producer of oil and gas in the world. Environmentalists also vote in favor of this system as it stops harmful gases from invading nature and gets recycled.

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