Saudi Aramco that holds the title of being the third-largest company in the world is contemplating mining Bitcoin. Seems like cryptocurrency is here to stay despite all the counter-arguments stacked against it. The world’s third-largest company planning to step into the crypto domain is a major step forward and a speed boost for cryptocurrency in general. A two-way bridge that could prove beneficial for both parties involved in the process.
The details concerning Saudi Aramco’s plan to mine Bitcoin were given by Ray Nasser, a Brazilian Bitcoin miner. He shared the information during an interview with the Bitconheiros Youtube channel.
Saudi Aramco and Bitcoin
Saudi Aramco is well known in the business domain. In fact, a good majority of black liquid oil is to the credit of Aramco. As per the sources, it is a common opinion that the remnant flare gas left out is more than enough to act as a powerhouse for the entire bitcoin network which is saying a lot.
In fact, Aramco will not have any trouble mining Bitcoin if it ever steps into that. According to the report, the digital assets can be easily mined using the excess gas left out after the oil production. This is highly efficient as the by-product of the oil mining is put to good use instead of disposing of it. And let’s not forget the fact that Aramco is thus in a win-win situation where a mere by-product can be used as a source of money generation. After all, business is all about wise decisions that can add plot twists. Despite the brilliant prospects of Bitcoin mining, Aramco is yet to release an official report affirming the same. Hence, till then the floor is open for speculation and contemplation.
Another fact to be noted is that Aramco is not new to the world of blockchain. In fact, it has already taken advantage of the same to boost operational efficiency and safety. Neither is it the first major company to step into Bitcoin mining. Gazprom, based in Russia has already stepped into Bitcoin mining. Gazprom is the world’s 10th biggest oil producer.