The world's oil giant, Saudi Aramco is reportedly going to venture into the crypto sector in terms of mining.
According to Brazilian Bitcoin (BTC) miner Ray Nasser, the Middle Eastern oil firm has shown interest in Bitcoin mining and for now they are still in negotiations.
Only by using the excess gas generated from oil production, the firm is able to mine crypto by burning it.
Nasser explained, “The resulting, unused gas is enough to power half of the Bitcoin network today. Only from this company. ”
However, Aramco has not yet come forward to comment.
Aramco, the world's third -largest oil company, is already leveraging the blockchain to further improve the company's operational quality, security, and reduce costs.
Previously, they invested in two blockchain platforms: Gumbo Data and VAKT to get rid of conventional processes.
In addition to Aramco, the world's 10th largest oil company, Gazprom of Russia has also shown interest in crypto mining. In December 2020, the company successfully conducted experiments on the generation of crypto mining power through gas combustion.
