Saudi Aramco dismisses reports of Bitcoin mining
Saudi oil giant has no plans to venture into crypto space
Riyadh: Saudi oil giant has denied media reports concerning the company entering the crypto domain. This comes after a Brazilian Bitcoin miner, Ray Nasser, shared the details concerning Saudi Aramco’s plan to mine Bitcoin during an interview with Bitconheiros Youtube channel.
The company issued a statement on Monday shutting down rumors, “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.”
Bitcoin mining
Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems.
As part of his ‘Vision 2030’ plan, Crown Prince Mohammed bin Salman has pushed to diversify the Saudi economy away from its reliance on oil but progress, already mixed, has been set back by the pandemic. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is increasingly playing a bigger role in the economy. As Prince Mohammed’s main lever for growth, the PIF intends to invest around $40 billion each year in the local economy.