Saudi Aramco, the third-largest company in the world, is reportedly planning to jump into the cryptocurrency bandwagon. Citing information provided by Brazilian Bitcoin miner Ray Nasser during an interview on the Bitconheiros YouTube channel, Investing.com reported that the Middle East oil giant is interested in mining Bitcoin.
Generating electricity for Bitcoin mining
The report added that the company could use the excess gas from oil production for mining digital assets, so instead of disposing of the by-product of oil mining, Aramco can use it for money-earning operations. Aramco has not yet issued any statement about venturing into Bitcoin mining. Finbold.com has contacted the company and is currently waiting for it to confirm the report.
Aramco and blockchain
Aramco already takes advantage of blockchain, the technology underpinning cryptocurrencies, to improve its operational efficiency, safety and to reduce costs, according to Arab News. The firm has already invested in two blockchain platforms, Data Gumbo and VAKT, to eliminate its paper-based processes.
Gazprom’s crypto mining operations
Russia’s Gazprom, the world’s 10th-biggest oil producer, is also into crypto mining operations. In December 2020, the state-owned firm reported the successful pilot testing of using gas, which would otherwise be flared and release significant amounts of Earth-warming greenhouse gas into the atmosphere, to generate electricity for mining cryptocurrency. Read more cryptocurrency news. [coinbase]
