Saudi Aramco (SE: 2222), a Middle East oil giant, currently the third-largest company in the world, valued at $1.8 trillion, could be the next multinational conglomerate to join Bitcoin, this through mining.
The information found by Ray Nasser, a well-known Brazilian acquaintance in the Bitcoin mining industry, during a conversation on the Bitconheiros YouTube channel. According to the naive, the oil giant is interested in mining the cryptocurrency.
Ray Nasser, a well-known Brazilian acquaintance in the Bitcoin mining industry, found some interesting information during a conversation on the Bitconheiros. According to Nasser, there is a new project in development that could potentially make ASICs (Application-Specific Integrated Circuits) obsolete. This would be a huge development for the Bitcoin mining industry, as ASICs are currently seen as necessary in order to remain competitive.
The project is being developed by a team of Japanese engineers, and is still in its early stages. However, if successful, it could have a major impact on how Bitcoin is mined in the future. It will be interesting to see how this project progresses and whether or not it can live up to its potential.
“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.”
Bitcoin mining, the process in which new blocks containing transactions are generated, has been the target of a number of concerns from institutional investors due to its supposedly high environmental impact and energy consumption.
This is not the first time that a project like this has been attempted. There have been other similar projects in the past, but they have all ultimately failed. However, this team seems to be confident in their ability to succeed where others have failed.
Only time will tell if this project will be able to achieve its goals. However, it is certainly an intriguing development that could potentially change the landscape of Bitcoin mining.
However, this possible company venture, which would use excess gas from oil production, which would simply be burned into the atmosphere, could be used for mining, providing extra security for Bitcoin while generating carbon credits for the company.
In addition, this energy resource could not be used for any other purpose, given the high cost of channeling and allocating this energy to other activities. Bitcoin mining is only viable due to the proximity of the gas extraction with the mining company, which can easily be installed on site.
“Aramco needs to burn this flared gas. She needs to get rid of this gas that is a by-product of their oil mining, they do. What if you find a way to make money while doing this? ”
This type of operation already has precedents. Russian monopolist Gazprom initiated plans last year to allocate the by-product of oil and gas extraction to BTC mining, reinforcing the narrative that the Bitcoin network encourages the use of renewable energy.
Saudi Aramco is currently the largest oil producer in the world, accounting for 10% of world production in 2018, according to data from the website O Petróleo.