Saudi Aramco denies plans to mine Bitcoin

The Saudi Arabian state oil company Saudi Aramco denied rumors that it plans to mine Bitcoin.

“In relation to the latest reports that our company would commence Bitcoin mining activities, we confirm that these statements are completely false and inaccurate,” the press release said.

Earlier, a number of trade publications reported Saudi Aramco’s interest in Bitcoin mining. All of them cited an interview with Brazilian miner Ray Nasser, who said the company was allegedly in talks to use excess gas from oil production for mining digital assets.

Saudi Aramco, the world’s largest oil company by daily production, has actively supported blockchain technology.

In 2019, it invested $6 million in Data Gumbo, a developer of industrial smart contracts for the oil and gas industry; in 2020, $5 million in the blockchain platform Vakt.

In March 2021, the company rolled out a corporate blockchain platform in partnership with IBM.

In July, hackers’ attacks stole 1 TB of confidential data. The data was put up for sale on the dark web for the cryptocurrency Monero.

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