Several rumors surfaced over the weekend claiming that one of the world’s major oil companies, Saudi Arabia’s flagship company Aramco, is considering entering the Bitcoin mining sector. Aramco was believed to be searching for opportunity to generate Bitcoin using gas waste, according to some of the sources. Gases emitted during the manufacture of oil can be utilized to run computer centers and mining rigs.
With both industries being heavily chastised for their environmental impact, such a method might help to reduce the consequences or at the very least guarantee that raw materials are used efficiently. As per Raymond Nasser, chief of Wise&Trust’s Mining Operations, Aramco’s gas itself can run 50% of the Bitcoin network.
Regretfully, this wasn’t the truth, at least for the time being. Aramco flatly refuted the new allegations on Monday. The oil company issued a statement clarifying its viewpoint, claiming that the claims were incorrect and misleading. “With relation to recent allegations alleging that the business will engage in Bitcoin mining operations, Aramco affirms that these assertions are totally incorrect and misleading,” the statement said in part.
The news comes as the crypto mining industry sees a surge in activity. Due to a restriction on Bitcoin mining in China a few months earlier, the hash rate dropped dramatically, resulting in a price decline. Most of the miners have already shifted their operations to crypto-supportive areas as of late. In order to catch pace, other international companies have increased their stake.
The Block Research data shows a steady rise in miners’ earnings as the sector makes a rebound. Bitcoin mining income increased to little more than $970 million in July, up from $839 million in the earlier month, as per the study.
This is still a far cry from the historical high of $1.75 billion achieved in March. This was only a few weeks before Bitcoin (BTC) hit an all-time peak of $65,000 in March. Noticeably, the Bitcoin hash rate lately surged after dipping for weeks due to an increase mining operations following the migration of China miners.
Despite predictions that it will take many months for the hash rate to return to pre-clampdown levels, the network is on track to recover completely.
