Saudi Aramco Refutes Bitcoin Mining Claims, Calls it “False & Inaccurate”

By Palak Malhotra
Published August 2, 2021 Updated August 2, 2021
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Saudi Aramco Refutes Bitcoin Mining Claims, Calls it “False & Inaccurate”

By Palak Malhotra
Published August 2, 2021 Updated August 2, 2021

The Multi-Billion-Dollar Saudi Arabian Oil Company, Saudi Aramco has debunked Bitcoin (BTC) mining rumors in the country. The news of the world’s largest oil producers gravitating towards the crypto sphere started floating over the weekend. Saudi Aramco is one of the top three oil-producing giants whose names were attached to crypto news. However, one of the Fortune Global 500’s most profitable companies has discredited headlines as “fake” news.

“With reference to recent reports claiming the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.”, Saudi Aramco told local news today.

Methane gas can power mining fields

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A report by TrustNodes stated that, as a sustainable choice, Oil producing companies can utilize their gas by-product into supplying energy for Bitcoin mining. Channeling the by-product into crypto mining will ensure a reduced rate of methane generation that is caused by gas flaring. This in turn will result in an overall drop in greenhouse gas emissions.

The top three gas producers, Saudi Aramco, ExxonMobil, and Gazprom were said to follow the BTC mining method to pull their hands from adding to high levels of air pollution and making the extra buck from utilizing the wasted methane by-product.

Saudi Aramco with its extensive oil production business also has an extensive methane surplus. This surplus has the potential to provide energy to half of the Bitcoin miner’s community today. However, the company has made it clear that currently, they have no intentions of lending energy to the crypto sphere.

“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”. Raymond Nasser, Head of Mining Operations at Wise&Trust told TrustNodes.

Gazprom to join the crypto community

Where Aramco has backed out of the crypto race, Gazprom has entered the market with positive statements towards powering crypto mining through gas by-products. Gazprom has encouraged the use of gas power at data centers and mining farms to enable a profitable and sustainable use of raw materials.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
238 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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