Aramco denies reports on Bitcoin mining

Aramco denies Bitcoin mining reports - Saudi aramco 1024x576Over the weekend, there were numerous reports that one of the largest oil producers is trying to get into the Bitcoin mining business. According to these reports, Aramco was said to be looking for ways to use gas by-products to mine Bitcoin. The gases produced during oil production can be used to power mining farms and data centers.

Official denial

With both companies heavily criticized for their environmental impact, such a process could mitigate the effects or at least ensure efficiency in the use of raw materials. In fact, according to Raymond Nasser, head of mining operations at Wise & Trust, the gas burned by Aramco alone can power half of the Bitcoin network.

Unfortunately, this may not be the case, at least not yet. Aramco on Monday flatly denied the recent claims. In a statement, the oil giant clarified its position by saying the reports were false and inaccurate. In part he read;

Referring to recent reports claiming that the company will undertake Bitcoin mining business, Aramco confirms that these claims are completely false and inaccurate.

The developments come amid the growing interest in the cryptocurrency mining business. A few months ago, due to the crackdown on Bitcoin mining in China, there was a drastic drop in the hash rate which in turn led to a collapse in prices. Ever since miners moved to more cryptocurrency-friendly regions. Additionally, other foreign companies have doubled their investments to keep up.

Bitcoin mining activity on the rise

With the return of the industry, data from The Block Research showed a steady increase in miners' revenue. According to the research, Bitcoin mining revenue rose to just over $ 970 million in July from $ 839 million the previous month. However, this remains a long way from the all-time high of $ 1,75 billion set in March. This only happened a few weeks before Bitcoin (like buy Bitcoins) managed to record its all-time high of about $ 65.000 set in March.

As reported by CNF, Bitcoin's hash rate has recently increased after weeks of decline due to increased mining following the relocation of miners to China. Although experts have indicated that it will take months for hash rates to return to pre-crackdown levels, the network is set for a full comeback.