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Saudi Aramco denied claims of involvement in Bitcoin mining activities

Saudi’s biggest oil exporter denied claims of involvement in Bitcoin mining activities but continues to bet on blockchain-focused businesses

Saudi Aramco denied claims of involvement in Bitcoin mining activities

Riyadh, August 3 - Neftegaz.RU.Reports had surfaced in recent days that Aramco intended to launch bitcoin mining operations.
However, launching a bitcoin mining operation could be tricky giving the recent commitments of the Saudi oil company.
Aramco revealed in 2019 that it was committed to achieving a zero net gas flaring operation by 2030.

Media reports circulated that Saudi Aramco would begin mining the digital currency after an interview with Brazilian bitcoin miner Ray Nasser was posted on YouTube.
Nasser said:
  • 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
Saudi Aramco answered in an official  statement:
  • 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
Aramco currently utilises blockchain technology that underpins bitcoin.
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.

Source : Neftegaz.RU


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