Oil giant Saudi Aramco denied on Monday reports it would begin mining bitcoin.
Media reports circulated that Aramco would begin mining the digital currency after an interview with Brazilian bitcoin miner Ray Nasser was posted on YouTube.
“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,” Nasser reportedly said.
But Aramco denied that it would begin the energy-intensive mining process.
“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,” said a company statement issued on Monday.
Mining bitcoin requires a large amount of energy, which Aramco generates. Hypothetically, energy burned via gas flaring can in turn be used to mine bitcoin. One company, Great American Mining, has begun shipping portable bitcoin mining machines to oil and gas fields so the excess gas can be used to power bitcoin mining.
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.
Aramco has invested in two blockchain platforms: Data Gumbo and VAKT that aid in the management and automation of new contracts and invoices.
A global integrated energy and chemicals company, Aramco produces approximately one in every eight barrels of the world’s oil supply and develops new energy technologies.
In 2019 the oil giant committed to achieving net zero gas flaring by 2030 and also joined a World Bank initiative to reduce flaring.
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