Saudi Aramco has denied claims of being involved in bitcoin mining activities. The oil-exporting company has been actively involved in blockchain projects, fueling rumors that it could be partaking in bitcoin mining. 

In a recent statement, Saudi Aramco 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.”

Saudi Arabian Oil Company (Saudi Aramco) has shown great interest in the crypto market.

In 2020, the firm invested $5 Million in Vakt, an oil trading company based on blockchain. Because of this move, the company was rumored to be involving itself in bitcoin mining. However, the firm’s interest in Vakt was to digitize and improve post-trade processing.

Vakt is not the only blockchain firm that Saudi Aramco has invested in.

The firm’s investment history shows a wide range of blockchain firms that the firm has partnered with. One of these firms is Data Gumbo Corp, where Saudi Aramco partnered in a $6 Million deal to create a commercial blockchain network.

Bitcoin mining has been a heated debate in recent months, with the majority of the arguments revolving around the high-energy consumption of bitcoin mining. China is one of the countries that unleashed the greatest crackdown on bitcoin mining, with major mining firms closing their hubs in the country and moving overseas.

Last month, IBC Group, one of the major mining firms affected by the mining crackdown in China, stated that it would be moving overseas, with the UAE being one of the overseas mining hubs that the firm was exploring. The UAE region has already positioned itself as a business and investment hub and crypto will boost its economic prowess.