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World’s largest oil-producing company Saudi Aramco denies rumors of bitcoin mining

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Joyashree Dey Follow

INDIA

Aug, 02 2021

Aug, 02 2021

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On 30th July, Brazilian Bitcoin miner Ray Nasser provided the information during an interview on the ‘Bitcoinheiros’ YouTube channel. The details concerning the middle-east company’s plan to mine Bitcoin he shared, “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.”

According to the report, Aramco could use the spare gas from oil production for mining digital assets. Instead of discarding the oil mining’s by-product, the company can use that for economic purposes. “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?”

However, on 2nd August 2021, Saudi Aramco finally puts an end regarding company’s rumored Bitcoin mining plans on the request of Finbold. “With reference to recent reports claiming that the Company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate”, a company official stated.

Saudi Aramco is using blockchain technology to boost operational efficiency, security, and cost savings. The oil-producing company has already invested in two blockchain platforms, Data Gumbo and VAKT, to replace its paper-based operations.

In addition, the company has deployed its corporate blockchain platform in partnership with IBM, which enables Aramco to level up its blockchain solutions. According to an Aramco spokesperson, “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.”


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Joyashree Dey

CBW - External Analyst

INDIA

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