Saudi Aramco denies Bitcoin mining rumors

It was reported last weekend that a Brazilian Bitcoin miner said in a video interview that he was in talks with Saudi Aramco to use the company's excess gas generated in oil production for Bitcoin mining. However, Saudi Aramco refuted these claims on its official website on Monday.

Why would Bitcoin miners be interested in partnering with an oil company to mine?

This cooperation can be said to be a win-win situation, because oil companies will produce a lot of unused gas in the process of oil extraction, and Bitcoin mining will consume a lot of energy. If these gases are used reasonably, they will be able to provide a very considerable energy supply for Bitcoin mining. At the same time, Saudi Aramco will also be able to open up new high-return businesses in the crypto market.

Why is Saudi Aramco in such a hurry to clarify?

Perhaps it is to avoid suspicion, because more and more public opinion is condemning environmentally unfriendly mining practices, and there are more and more suspicions that the cryptocurrency market is being manipulated. Saudi Aramco probably doesn't want to get involved in muddy waters.

Secondly, oil refining has brought rich profits to the oil company. Benefiting from the rise in oil prices and the increase in profit margins of oil refining and chemical products, Saudi Aramco's net profit in the first quarter of this year increased by 30% year-on-year to as high as US$21.7 billion! The latest Fortune Global 500 list on August 2 also showed that in terms of profitability, Saudi Aramco ranked second with a profit of approximately US$49.3 billion.