Saudi Aramco denied today, Monday, what was recently circulated through media reports claiming that the oil giant is planning to engage in Bitcoin activities.
The company, in a statement obtained by Al-Arabiya.net, said that it absolutely affirms that these allegations are totally untrue.
It was reported that Aramco plans to use the excess gas left over from oil production to mine Bitcoin.
Mining represents the release of new bitcoins into circulation. Miners verify transactions on blockchain records to help avoid fraud. As a reward, they Give them a new bitcoin.
To check coefficients, miners must solve very complex math equations, primarily by trial and error, which requires complex computer systems and a great deal of computing power. This computing power consumes a lot of electricity.
