Saudi state-owned petrochemical giant Aramco has rejected the hypothesis that it could start mining bitcoins in the future, hitting a blow at advocates who desperately want smart news about the price of the cryptocurrency.
In comments that circulated widely on cryptocurrency fan sites, Brazilian investor Ray Nasser said negotiations were underway with the world’s largest oil company in terms of market prices on whether to use part of its excess reserves. of energy and maintaining the blockchain, earning Bitcoin in compensation.
“Referring to recent reports that the company will have interaction in Bitcoin mining activities, Aramco confirms that those claims are absolutely false and inaccurate,” the Dhahran-based organization said on Monday.
Nasser argued that Aramco needed to locate an economical use for the herbal fuel it burns prior to oil extraction, a non-unusual procedure known as “burning. “Instead of wasting this energy, it can be harnessed to perform proof-of-work calculations that can force part of the Bitcoin network.
Bitcoin bulls have struggled recently after a series of negative classified ads mostly from electric power to coal being swallowed and Tesla backing down from use to regulatory attacks on popular crypto platforms like Binance.
Since its peak of nearly $63,600 in April, Bitcoin has entered a bear market. On Monday, the virtual token traded just below the $40,000 mark.
Recently, advocates, who added Twitter founder Jack Dorsey and tech investment guru Cathy Wood, hosted an online forum to get help for their beloved cryptocurrency, inviting Tesla CEO Elon Musk to their sudden concerns.
This tale originally appeared on Fortune. com