- 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
- 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
The oil company is using the technology to standardise business processes to increase efficiency and reduce costs, a company spokesperson told Arab News in March.
Bitcoin mining can occur anywhere in the world with it being an energy intensive process.
If all the gas that is completely wasted in being flared was used to power bitcoin mining, it would be sufficient to provide energy for the entire bitcoin network many times over.
One company, Great American Mining, has begun shipping portable bitcoin mining machines to oil & gas fields so the excess gas can be used to power bitcoin mining.