“Completely False And Inaccurate,” Says Saudi Aramco About Bitcoin Mining Rumors


On Monday, Oil giant Saudi Aramco, which has a market cap of $1.86 trillion, denied reports of it planning to begin Bitcoin mining.

The rumors were first sparked by Brazilian bitcoin miner Ray Nasser who reportedly said in an interview that he is “negotiating with Aramco,” which has enough flared gas to power half of the bitcoin network alone to get them to mine the largest cryptocurrency.

While Aramco utilizes blockchain technology underpinning the cryptocurrency to standardize business processes to reduce costs and increase efficiency and is invested in blockchain platforms Data Gumbo and VAKT, the company has no plans to mine BTC itself. Saudi Aramco said in a statement,

“With reference to recent reports claiming that the Company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.”

Much like Saudi Aramco, recently, tech giant Amazon had also denied the speculation around the company looking to accept bitcoin payments by the end of the year.

Amazon had called the speculation around their specific plans for crypto to be “not true,” “notwithstanding our interest in the space.” They also said that they “remain focused on exploring what this could look like for customers shopping on Amazon.”

The company, however, did post a job opening for a digital currency and blockchain product lead.

Amidst all this, Tesla CEO Elon Musk has said the electric car maker would resume accepting bitcoin payments once it has conducted its due diligence on the amount of renewable energy used to mine the leading cryptocurrency.

Additionally, MicroStrategy (MSTR) has also pledged to buy more Bitcoin, while PayPal is all set to launch crypto trading for its UK customers and even embrace decentralized finance (DeFi).

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