Oil Giant Saudi Aramco Denies Bitcoin Mining Reports Rumors

Sahaj  |  Aug 2, 2021

Saudi Aramco, the biggest Saudi Arabian oil company, has recently denied reports that were surrounded by rumors about the intentions of the company of doing Bitcoin mining. In contrary to various media outlets, Saudi Aramco has denied all the rumors related to the Bitcoin extraction business.

Saudi Aramco Denies Bitcoin Mining Rumors

The oil giant Saudi Aramco has recently shared a report on the official Aramco website that said:

“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.”

Earlier, various media houses and outlets shared a report that Saudi Aramco was having an interest in mining Bitcoin and is currently in negotiations with Bitcoin miners. 

The company was supposedly planning to begin the use of its by-products in order to generate electricity for crypto mining.

Aramco was responding to the reports that included the claims made by a Brazilian Bitcoin miner that is the third-most valuable company in the world interested in the crypto mining business.

As for Bitcoin mining, it requires a lot of computing power to enable a new BTC to enter circulation, and it has recently become controversial even though the coin has surged in popularity. 

Crypto Crackdown and Its Effects on the Market

Due to the environment-harming factors of cryptocurrencies and energy consumption in the process of mining, several countries have imposed a ban on crypto mining and even halted their operations in their country.

The most significant hit came from China and Iran, as the miners established there are looking for new locations to shift their mining businesses amid the ban in the country.

China banned Bitcoin mining back in the month of June, and it shut down around 90% of the total Bitcoin mines amide wider regulatory scrutiny of digital currencies.

As a result of this, the prices of cryptocurrencies in the market fell drastically leading to a crash in the market. 

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