According to Brazilian Bitcoin miner Ray Nasser on YouTube, he stated Saudi Aramco would begin mining Bitcoin, however, the company has come out to say this news is false.
After an interview with Brazilian Bitcoin miner, Ray Nasser was broadcast on YouTube, media rumours circulated that Aramco will begin mining the digital currency.
“We’re in talks with Aramco. This corporation owns all of the black liquid [oil] that pours out of the desert. “I can tell you, all the flared gas they’re not utilizing, and that’s public knowledge, it’s enough to ‘power up’ half of the bitcoin network today, just from this company,” Nasser reportedly stated.
Aramco, on the other hand, has disputed that it will commence the energy-intensive mining procedure.
“With reference to recent reports claiming the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.”
Bitcoin mining demands a lot of energy, which Aramco produces. The energy emitted by gas flaring might theoretically be utilized to mine bitcoin.
Great American Mining, for example, has begun transporting portable bitcoin mining devices to oil and gas fields in order to use the extra gas to fuel bitcoin mining.
The blockchain technology that powers bitcoin is currently used by Aramco. A corporate representative told Arab News in March that the oil company is employing technology to standardize business operations in order to boost productivity and cut expenses.
Aramco has invested in two blockchain platforms: Data Gumbo and VAKT, which help with contract management and automation.
Aramco is a multinational integrated energy and chemicals corporation that generates one out of every eight barrels of world oil and develops new energy technologies.
The oil company pledged in 2019 to achieve net-zero gas flaring by 2030 and to participate in a World Bank program to reduce flaring.