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


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.”

Joyashree Dey
CBW - External Analyst
INDIA