Saudi Aramco, world’s 3rd largest company, plans to start mining Bitcoin? - page 2.

Shasha80

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we can say that this is just a discourse about the Aramco company that will be implemented by Saudi Arabia, because we have heard this in several companies that say they always want to adopt bitcoin, but this has never been realized so we are confused about what to do.This is so, because this is not the only time this has been discussed by several companies in the world.we just hope this will really happen

There are many rumors that big companies will soon adopt Bitcoin, but only a few big companies are finally adopting Bitcoin. But it is possible that
rumors of Aramco companies adopting Bitcoin could happen, by starting Bitcoin mining. At least the rumors got the market back up and Bitcoin could
rise again to the price of $42k, especially if the rumors of the Aramco company come true, I can't imagine the price of Bitcoin going up to $50k.
I really hope this can come true, and can make other big companies join in adopting Bitcoin.

TelolettOm

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Quote from: Rengga Jati on August 03, 2021, 05:24:55 PM

There has been a clarification about this issue and they denied their involvement in Bitcoin mining. They only focus on the development and business of Blockchain-based.
So, it confirms that the issue is false.

Quote

“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.”

Source: Saudi Aramco dismisses ‘false and inaccurate’ rumors on Bitcoin mining

Isn't it clear here confirms?
If this confirmation is correct, then we do not need to emerge the matter.
But if this confirmation is still not true or unofficial, there is still hope for the next Crypto world.
But at least they are interested in the blockchain adoption huh?

dificanovi

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Quote from: Stalker22 on August 01, 2021, 02:29:07 PM

Investing.com reported that the Middle East oil giant, Saudi Aramco, is interested in mining bitcoin, citing information provided by Brazilian Bitcoin miner Ray Nasser in an interview on the Bitcoinheiros YouTube channel.

Nasser reportedly said:

It was explained in the report that Aramco could use the excess gas (by-product) generated by oil extraction in order to mine digital assets, which would provide extra security for Bitcoin while generating carbon credits for the company.

Aramco has not yet issued any statement about venturing into Bitcoin mining.

I hope Saudi Aramco will join the crypto world to mine bitcoin. This company is very big, if it really happens they will mine bitcoin then a very high spike will occur in the next few days, everyone will buy bitcoin again in very large quantities because of the support of this Aramco company.

Rruchi man

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I knew that just like Amazon’s this was just a rumor propagated by bitcoin advocates to cause an increase in the prices of bitcoin. Just like the UK, Saudi Arabia authorities has already painstakingly pointed out the possible red flags of buying or trading Bitcoin. They don't support it in the first place so I personally didn't see any reason why Aramco was going to either. I’m sure that very soon someone will say that Exxon will venture into bitcoin mining just to shake the market.

Bitstar_coin

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Quote from: Rehan Zakir on August 03, 2021, 10:41:01 AM

Saudi Aramco company is the world biggest oil company. If they starting investing in bitcoin in means it is a good news for bitcoin. And this news can impact on the price of bitcoin. Mining is also a way of earning money through crypto currency. We install a mining machine and our mining starts. Bitcoin is a global currency and its becomes popular day by day. So, store bitcoins for future.

Isn't mining btc different from actually investing capital to buy already mined btc from the market! The post read Saudi aramco wants to start mining btc, if they are not investing then I don't see how this is a good news to btc as their capital will only go into buying mining equipment, except am the one who is did not perceive the post properly, however, still very good to see such company trying to interact with btc somehow.

Fortify

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Quote from: Slow death on August 01, 2021, 02:43:42 PM

excuse my ignorance, but in saudi arabia are bitcoin laws friendly? because i remember reading somewhere that in saudi arabia they didn't want bitcoin, i can't remember where the hell i read this.

Anything will be legal in Saudi Arabia, as long as you have the right connections and the right amount of money. There is no reason that they would be explicitly against cryptocurrencies that I can see - it's not in any way against their religion like gambling or "adult entertainment" related. If they were able to install enough solar panels to cover the cooling and power expenses on the right scale then theoretically they could make it into a profitable income considering they have an endless desert to fill. The laws might not be friendly to bitcoin, but they are not necessarily unfriendly either, so it might be a good place if you can install enough capacity.

dothebeats

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How could that even explain the company's interest in bitcoin mining? There's not even a connection to be made with that snippet and what Saudi Aramco is doing.

Just because they have the capability to power half the network with the waste they produce, doesn't mean they'd do it. They were approached by a mining operator, asking if they could use the waste to power their mining rigs. At best, this is a business proposal, and not Saudi Aramco hinting that they want to go into the mining business. They just provide the power but another company owns the machines. That's waaaaay different than the oil giant expressing interest on hashing.

No news here, I guess.

tiCeR

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Quote from: o_e_l_e_o on August 01, 2021, 03:12:52 PM

Quote from: Stalker22 on August 01, 2021, 02:29:07 PM

Investing.com reported that the Middle East oil giant, Saudi Aramco, is interested in mining bitcoin

A very poor headline.

The representative from a bitcoin mining operator has approached Saudi Aramco and said "We'll pay you to let us use your flared gas that is otherwise going to waste". Of course they are going to say yes to free money, but that doesn't mean they are "interested in mining bitcoin". If Saudi Aramco start buying miners and building their own mining operations, then sure, but for the time being a third party company is simply asking to use some of their excess resources to power their miners.

Since flared gas is simply wasted and burned in to the atmosphere, it is quite interesting that the article states that the amount of gas that Saudi Aramco wastes in this manner could power half of the global bitcoin hashrate. Half the network from the wastage of a single company! Perhaps next time someone complains about the environmental impact of bitcoin we could invite them to turn their attention to Saudi Aramco instead.

Your last paragraph is what I exactly thought about as well. If that is the case and they would build up mining operations, I would rather say that isn't quite the best news our community is looking for. Such a powerful company being able to power half the network at this point with a byproduct of their main product is pretty concerning. It would make attacks on the network for them less painful than for any other actor I guess.

Kittygalore

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That's kind of weird but at the same time promising, it's weird because they are already making trillions in oil alone and it's derivatives and they're getting into mining? Not to mention that Middle East where they are situated is pretty hot place to do mining unless they are going to spend a lot of money for cooling the mining facility or better yet invest in mining in Canada or countries that have a good climate.

netplus

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Quote from: mk4 on August 06, 2021, 12:12:05 PM

Quote from: netplus on August 06, 2021, 11:47:34 AM

They will not allow the use of cryptocurrency because it used in gambling and scaming
Gambling and scaming are forbidden in their religion
is forbidden in religion because it harms you or harms others

With that argument, then it means that they're also not allowed to use—

knives because it's being used to stab people,
cars because it's being used for criminals to escape,
computers because it's being used to steal money/identities/assets,

and they're not allowed to drink water as well! Because well, even criminals drink water. Cry

Right?

No, those scammers are in internet, they are hiding behind the Internet
If they existed in real life ... you will understand the meaning
it is a danger

mk4

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Quote from: netplus on August 06, 2021, 11:47:34 AM

They will not allow the use of cryptocurrency because it used in gambling and scaming
Gambling and scaming are forbidden in their religion
is forbidden in religion because it harms you or harms others

With that argument, then it means that they're also not allowed to use—

knives because it's being used to stab people,
cars because it's being used for criminals to escape,
computers because it's being used to steal money/identities/assets,

and they're not allowed to drink water as well! Because well, even criminals drink water. Cry

Right?

netplus

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They will not allow the use of cryptocurrency because it used in gambling and scaming
Gambling and scaming are forbidden in their religion
is forbidden in religion because it harms you or harms others

Gcrypto786

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Quote from: Stalker22 on August 01, 2021, 02:29:07 PM

Investing.com reported that the Middle East oil giant, Saudi Aramco, is interested in mining bitcoin, citing information provided by Brazilian Bitcoin miner Ray Nasser in an interview on the Bitcoinheiros YouTube channel.

Nasser reportedly said:

It was explained in the report that Aramco could use the excess gas (by-product) generated by oil extraction in order to mine digital assets, which would provide extra security for Bitcoin while generating carbon credits for the company.

Aramco has not yet issued any statement about venturing into Bitcoin mining.

This can be possible because Golf countries are now taking interest in the technology and implementing it to make their country more secure and trying to digitilize every major section.

suzanne5223

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Quote from: Shenzou on August 03, 2021, 06:20:08 PM

I don't think that this is going to happen, i think its just a floating idea but in reality they won't be able to actually put it to work, the main reason would be because this a government owned oil company and not private so a decision to use the access energy to mine bitcoin can not go through especially we are talking about Saudi government that are known to being really strict and controlling everything about the country, and even if this is true we are trying to move away from involving bitcoin mining with consuming oil.

I agreed with what you said about the Saudi Arabia government been strict but we are talking about innovative technology and the government already know Bitcoin is unstoppable and if the Aramco company using their excess energy to mine Bitcoin will provide more jobs for some people who are jobless due to the Covid-19 why would they choose not to do it?
The last time I check some Islamic countries that were against Bitcoin now allow the mining of Bitcoin with some rules and regulations and gaining from it. I believe this could motivate Saudi Arabia to join the league of that country.

Shenzou

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I don't think that this is going to happen, i think its just a floating idea but in reality they won't be able to actually put it to work, the main reason would be because this a government owned oil company and not private so a decision to use the access energy to mine bitcoin can not go through especially we are talking about Saudi government that are known to being really strict and controlling everything about the country, and even if this is true we are trying to move away from involving bitcoin mining with consuming oil.

Rengga Jati

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There has been a clarification about this issue and they denied their involvement in Bitcoin mining. They only focus on the development and business of Blockchain-based.
So, it confirms that the issue is false.

Quote

“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.”

Source: Saudi Aramco dismisses ‘false and inaccurate’ rumors on Bitcoin mining

And about the regulation and how Bitcoin in that country, the citizens can trade legally any cryptocurrency in that country. However, if they experience any losses or losing money because of crypto, the country doesn't give any financial protection to it. SO basically it is allowed but all risks are taken by the traders or investors themselves.

Twinkledoe

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Quote from: Renampun on August 03, 2021, 12:59:59 PM

Quote from: Stalker22 on August 01, 2021, 02:29:07 PM

...

It was explained in the report that Aramco could use the excess gas (by-product) generated by oil extraction in order to mine digital assets, which would provide extra security for Bitcoin while generating carbon credits for the company.

Aramco has not yet issued any statement about venturing into Bitcoin mining.

the idea offered must be very interesting for Aramco...

it is a pity if that energy is wasted, it is very good if it is used as fuel for Bitcoin mining facilities so that they can generate millions of dollars. It would be great news if Aramco actually added business to Bitcoin mining.

Yes, if they still have excess energy, why not use it? If Aramco will officially announce their venture in bitcoin mining, that would give positive impact to bitcoin market. Now, if China is pushing their miners outside their country, it is their loss and not the bitcoin community. This will show that bitcoin can survive without them and many are willing to get the mining market that they are abandoning.

Obito

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Quote from: Rehan Zakir on August 03, 2021, 10:41:01 AM

Saudi Aramco company is the world biggest oil company. If they starting investing in bitcoin in means it is a good news for bitcoin. And this news can impact on the price of bitcoin. Mining is also a way of earning money through crypto currency. We install a mining machine and our mining starts. Bitcoin is a global currency and its becomes popular day by day. So, store bitcoins for future.

Of course it's a good news but if you think about it, we don't know what their true plans is for getting into the mining sector of bitcoin, I mean they're making billions if not trillions in oil annually so I think that they're planning something big because you don't get in the market just for petty reasons like you want adoption right.

Renampun

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Quote from: Stalker22 on August 01, 2021, 02:29:07 PM

...

It was explained in the report that Aramco could use the excess gas (by-product) generated by oil extraction in order to mine digital assets, which would provide extra security for Bitcoin while generating carbon credits for the company.

Aramco has not yet issued any statement about venturing into Bitcoin mining.

the idea offered must be very interesting for Aramco...

it is a pity if that energy is wasted, it is very good if it is used as fuel for Bitcoin mining facilities so that they can generate millions of dollars. It would be great news if Aramco actually added business to Bitcoin mining.

o_e_l_e_o

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Quote from: Lucius on August 03, 2021, 05:04:05 AM

This is information that should literally be passed on to all the so-called mainstream media that have been trying to impose their crazy agendas for years.

The energy companies buy our politicians, and the politicians decide what news we are allowed to view. It's no surprise really. "Make sure you recycle your empty cans!" but also ignore the fact we've just dumped a few billion gallons of oil in to the ocean.

Quote from: avikz on August 03, 2021, 05:49:24 AM

But if it happens, Soudi government will have absolute control over the bitcoin network. They can launch 51% attack as per their own will considering they have deep pocket and they can invest suitably for such huge thing.

How did you reach that conclusion? How are they going to go from zero hashrate to 51% of the hashrate? They can't just magic a few million ASICs out of thin air. Or what about the infrastructure to convert this flared gas to usable electricity? And even if they use all the flared gas, which is incredibly unlikely, and have enough ASICs to utilize it, which is even more unlikely, then even by their own estimation that would only give them 33% of the hashrate.

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