The world’s 3rd largest company Saudi Aramco, according to reports is apparently considering joining the cryptocurrency ecosystem by mining Bitcoin.
Investing.com stated that the Middle East oil company is interested in mining Bitcoin, citing information provided by Brazilian Bitcoin miner Ray Nasser during an interview on the Bitconheiros YouTube channel.
“We are negotiating with Aramco. All black liquid [oil] that comes out of the desert belongs to this company. All the flared gas they’re not using, and that’s public information, I can tell you, it’s enough to ‘power up’ half of the Bitcoin network today, from this company alone,” Nasser reportedly said.
According to the research, instead of disposing of the by-product of oil mining, Aramco may employ it for money-making operations by mining digital assets using the leftover gas from oil extraction.
“Aramco needs to burn this flared gas. She needs to get rid of this gas that is a by-product of their oil mining, they do. What if you find a way to make money while doing this?”
Aramco has yet to make a comment about its plans to enter the Bitcoin mining business. Finbold.com has reached out to the company and is awaiting confirmation of the report.
Aramco and the Blockchain
According to Arab News, Aramco already uses blockchain, the technology that underpins cryptocurrencies, to boost operational efficiency, security, and cost savings. To replace its paper-based operations, the company has already invested in two blockchain platforms, Data Gumbo and VAKT.
“Aramco is investing significant amounts in blockchain technology and is working closely with its business partners to encourage and prepare them for adopting the technology. Aramco deployed its corporate blockchain platform in partnership with IBM, which enables Aramco to scale up its blockchain solutions,” an Aramco spokesperson said.