Saudi Aramco, the world’s third-largest oil corporation with a market capitalization of $1.8 trillion, was recently rumored to be the next multinational firm to join Bitcoin through mining.

The rumor began when Ray Nasser, Managing Partner-Mesa BTC in the Bitcoin mining industry, claimed in an appearance on the Bitconheiros YouTube channel that the Middle Eastern oil company is interested in mining Bitcoin.

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

However, Saudi Aramco, the world’s largest oil producer which accounted for 10% of global output, rejected numerous reports claiming the company’s intention to mine Bitcoin. In a recent report released on Monday on the Aramco website, the company has released a statement stating,

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

Related: Is Blockchain the Fourth Industrial Revolution after Artificial intelligence?

The blockchain technology that powers bitcoin is presently used by Aramco. The oil company has invested in two blockchain platforms: Data Gumbo and VAKT, which assist with the management and automation of new contracts and invoicing to enhance efficiency and cut expenses. The oil behemoth pledged in 2019 to achieve net-zero gas flaring by 2030, as well as joining a World Bank project to minimize flaring.

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