Saudi Arabian oil company Aramco has denied allegations that the company was planning to launch Bitcoin operations. Based in Dhahran, Aramco is one of the world’s largest companies in terms of revenue generation, with roughly $229 billion generated in 2020.
Over the weekend, an interview posted on the Bitcoinheiros YouTube Channel showed Brazilian Bitcoin miner Ray Nasser reportedly saying that Aramco was interested in Bitcoin mining. Nasser even claimed that negotiations with the company were ongoing at the time of the interview.
“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.
For what it’s worth, Aramco generates, as by-products, more than enough energy needed in mining Bitcoin.
Unlike Nasser’s words, however, Aramco has come out to deny the report, tagging the allegation as “false and inaccurate.”
A Monday statement issued by the oil company reads:
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.”
In the past, the company has made investments into two different blockchain projects that aid in the management and automation of new contracts and invoices. The use of blockchain helps the company to standardize its business processes, increase its efficiency, and reduce costs.
Notably, Aramco’s denial of participating in the Bitcoin-mining process might be surprising or even shocking to any who would have thought that the oil company was beginning to get interested in Bitcoin.
In contrast to Aramco’s development, Coinfomania reported that Mexico-based Northern Minerals and Exploration Limited (NMEX) has decided to exploit the available resources found in natural gas vapor as a cheaper preference in generating energy that will be used to mine Bitcoin.
