The third largest oil company in the world, Saudi Aramco, has denied reports that it plans to mine BTC using the energy of burning associated gas.
Saudi Arabia’s largest oil company caught the attention of crypto enthusiasts last year when it invested $ 5 million in Vakt.
According to several media reports, Saudi Aramco planned to start mining BTC. However, the company has publicly denied such claims, while reaffirming its interest in blockchain-focused companies and technologies.
The company has released an official statement denying existing rumors:
“With reference to recent reports claiming the company will start mining bitcoin, Aramco says these claims are completely false and inaccurate.”
While China is imposing strict restrictions on cryptocurrency mining, Middle Eastern countries such as the UAE and Saudi Arabia are open to adopting cryptocurrency technologies. Saudi Aramco has a reputation for investing in blockchain-related companies, and last month the UAE’s Central Bank announced plans to launch a digital currency by 2023-2036.
The UAE government intends to create a digital identity system to support the issuance of the state cryptocurrency.
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Saudi Aramco’s intentions came from Ray Nasser, head of mining at Wise & Trust and managing partner of MesaBTC. During an interview on Bitconheiros, the businessman said that the oil giant is interested in mining cryptocurrencies.
He said that associated natural gas generated from oil production will be used by Aramco to supply power to mining enterprises. In the United States, gas combustion energy is already being used to mine BTC. This method is suitable for any oil producer looking to profit from energy that is usually wasted.
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