Saudi Aramco, world’s 3rd largest company, plans to start mining Bitcoin?

[Wong Gendheng]

Saudi Aramco company is the world biggest oil company. If they starting investing in bitcoin in means it is a good news for bitcoin. And this news can impact on the price of bitcoin. Mining is also a way of earning money through crypto currency. We install a mining machine and our mining starts. Bitcoin is a global currency and its becomes popular day by day. So, store bitcoins for future. 

Hopefully this is not a rumor like Amazon which denies accepting bitcoin, if this happens it can be ascertained that in a short time the price of bitcoin can reach $100k, they are a large company that can buy 1 million bitcoins in one transaction.

[Duzter]

Saudi Aramco company is the world biggest oil company. If they starting investing in bitcoin in means it is a good news for bitcoin. And this news can impact on the price of bitcoin. Mining is also a way of earning money through crypto currency. We install a mining machine and our mining starts. Bitcoin is a global currency and its becomes popular day by day. So, store bitcoins for future. 

Hopefully this is not a rumor like Amazon which denies accepting bitcoin, if this happens it can be ascertained that in a short time the price of bitcoin can reach $100k, they are a large company that can buy 1 million bitcoins in one transaction.

Rumours are part of the development. Maybe the same can be a truth. If Aramco has got plans now this could've been announced officially by the authorities. For now there is nothing official. Based on someone's tweet we're making discussion.

[CaVO32]

Saudi Aramco company is the world biggest oil company. If they starting investing in bitcoin in means it is a good news for bitcoin. And this news can impact on the price of bitcoin. Mining is also a way of earning money through crypto currency. We install a mining machine and our mining starts. Bitcoin is a global currency and its becomes popular day by day. So, store bitcoins for future.  

Hopefully this is not a rumor like Amazon which denies accepting bitcoin, if this happens it can be ascertained that in a short time the price of bitcoin can reach $100k, they are a large company that can buy 1 million bitcoins in one transaction.

Rumours are part of the development. Maybe the same can be a truth. If Aramco has got plans now this could've been announced officially by the authorities. For now there is nothing official. Based on someone's tweet we're making discussion.

For now, we don't need to do anything but wait for official announcement. If that will push thru, that would be great. Also, it is better to use their extra energy rather than go to waste, right? I believe, those companies that have extra energy are also thinking about this kind of venture. Who knows they are already setting up their own mining rig? Nobody needs to know their business.

[Kong Hey Pakboy]

we can say that this is just a discourse about the Aramco company that will be implemented by Saudi Arabia, because we have heard this in several companies that say they always want to adopt bitcoin, but this has never been realized so we are confused about what to do.This is so, because this is not the only time this has been discussed by several companies in the world.we just hope this will really happen

I don't even know who should I believe in right now because there's no article provided to quash the claim that they are planning to start mining bitcoin. Plus it just seems so good that they are going to get into the market and anyone would definitely welcome a trillion dollar company into the market.

[o_e_l_e_o]

There has been a clarification about this issue and they denied their involvement in Bitcoin mining.

So just as I suspected in my first post, a pure click bait headline based on absolutely nothing concrete from the first article. Why is it so hard to get some decent journalism regarding bitcoin and cryptocurrency? It seems every news site is filled with half truths and outright falsehoods and only care about clicks.

Your last paragraph is what I exactly thought about as well. If that is the case and they would build up mining operations, I would rather say that isn't quite the best news our community is looking for. Such a powerful company being able to power half the network at this point with a byproduct of their main product is pretty concerning.

If you read my last post higher up in this thread, I explain why that isn't going to happen. You can't just instantly create an enormous mining operation consisting of 51% of the hash rate out of nothing.

For now, we don't need to do anything but wait for official announcement.

I don't even know who should I believe in right now because there's no article provided to quash the claim that they are planning to start mining bitcoin.

Please actually read the thread before replying. Rengga Jati has already answered this with a link to an official statement.

[Nunoluck]

I hope this project will be start soon. honestly I feel little bit sad because we still use paper money. I think if we still use paper money then there are many trees that will be gone. I mean bitcoin is a solution for global warming issue. Bitcoin need electricity to operate but I think it is still better then cutting trees which need many years for growing. And it is a good time to get involved in bitcoin, if a big institutions take a part at this early stage of adoption then that institution will have big influence in bitcoin market which mean is big profit for them.

[Rengga Jati]

There has been a clarification about this issue and they denied their involvement in Bitcoin mining.

So just as I suspected in my first post, a pure click bait headline based on absolutely nothing concrete from the first article. Why is it so hard to get some decent journalism regarding bitcoin and cryptocurrency? It seems every news site is filled with half truths and outright falsehoods and only care about clicks.

I just think maybe now most of the media is more concerned with traffic to come to them using the clickbait title. The title that is felt will make noisy and famous later. Moreover, many people only believe in the title displayed without willing to research further into it.

[geegaw]

we have been confused by the discourse of several companies wanting to adopt bitcoin, because this is not the first time we have heard that they will adopt bitcoin, if it is only a discourse we can say this is just an.opinion, and we can only hope that today it is not only limited to about what the big company wants to do, we can only hope that this can be a real certainty.but open again to a discourse

You should look at the title and description of the activity this company, this company with the name Aramco is not aiming for adoption, their plan was to build a mining system and become a bitcoin mine but some small wind said that Aramco confirmed to be a fabrication and I'm pretty confident again this is a hate joke by the media because just estimating how much bitcoin has been mined as well as the huge bitcoin mining businesses. Their mining has been decimated by relative scarcity, and new businesses that want to enter here need a long and very risky time before the return of capital.

[tiCeR]

Your last paragraph is what I exactly thought about as well. If that is the case and they would build up mining operations, I would rather say that isn't quite the best news our community is looking for. Such a powerful company being able to power half the network at this point with a byproduct of their main product is pretty concerning.

If you read my last post higher up in this thread, I explain why that isn't going to happen. You can't just instantly create an enormous mining operation consisting of 51% of the hash rate out of nothing.

Nono, I fully agree with you on that one as well. I rather thought that Saudi Aramco might even be able to buy out the companies that produce those Asics. It would certainly not be possible to build those mining operations over night, but if they were really serious about it, wouldn't you at least consider the option that they could pull it off, maybe within two years give or take?

[ChiBitCTy]

3rd largest company by what measures? I'm quite sure that Apple, Google, and Amazon are all "larger" companies. 

[o_e_l_e_o]

Nono, I fully agree with you on that one as well. I rather thought that Saudi Aramco might even be able to buy out the companies that produce those Asics. It would certainly not be possible to build those mining operations over night, but if they were really serious about it, wouldn't you at least consider the option that they could pull it off, maybe within two years give or take?

Let's say, for the sake of argument, that Saudi Amarco did buy out Bitmain, MicroBT, Canaan, and a bunch of other ASIC producers, stopped selling ASICs, and just produced a bunch of ASICs for themselves. Even then, as you say, they would still need a significant period of time to build enough ASICs and get them all up and running before they could come close to anything even approaching a majority of the hash rate. In the meantime, you now have a massive unmet market for ASICs. There is absolutely zero chance that no one would step up and meet the global demand for more ASICs during that time, continuing to push the total hashrate higher and further out of reach of any one company or entity to reach a majority.

3rd largest company by what measures? I'm quite sure that Apple, Google, and Amazon are all "larger" companies. 

By market cap: https://companiesmarketcap.com/
They are third behind Apple and Microsoft.

[tiCeR]

Nono, I fully agree with you on that one as well. I rather thought that Saudi Aramco might even be able to buy out the companies that produce those Asics. It would certainly not be possible to build those mining operations over night, but if they were really serious about it, wouldn't you at least consider the option that they could pull it off, maybe within two years give or take?

Let's say, for the sake of argument, that Saudi Amarco did buy out Bitmain, MicroBT, Canaan, and a bunch of other ASIC producers, stopped selling ASICs, and just produced a bunch of ASICs for themselves. Even then, as you say, they would still need a significant period of time to build enough ASICs and get them all up and running before they could come close to anything even approaching a majority of the hash rate. In the meantime, you now have a massive unmet market for ASICs. There is absolutely zero chance that no one would step up and meet the global demand for more ASICs during that time, continuing to push the total hashrate higher and further out of reach of any one company or entity to reach a majority.

3rd largest company by what measures? I'm quite sure that Apple, Google, and Amazon are all "larger" companies. 

By market cap: https://companiesmarketcap.com/
They are third behind Apple and Microsoft.

Good point again. You know, sometimes being a bit paranoid can't hurt and usually there is nothing like the perfect solution to a dynamic problem because the problem is a moving target. Bitcoin's incentive architecture is so solid that every now and then I try to think of the worst possible scenario just to give failure of the kind we are discussing here a little bit of a realistic chance. The market mechanism you brought up however certainly falsifies my hypothesis. It's very true that all kinds of companies or investors around the world would out of a sudden recognize the business opportunity of unmet global demand for Asics. There would even be an incentive for all those Bitcoin holders to finance a fund that invests in research which is solely dedicated to outcompete the Asics produced by Aramco. Bitcoin is a damn weird resilient thing! Antonopoulos once compared it to a rat in a dirty underground channel that grow up with the severest of imaginable circumstances and attacks, yet survive and grow stronger everyday. Quite a good analogy as it seems. Nice talking!

[Freezingel]

Wow power up half of bitcoin today? that's such an amazing amount. But well i guess it's no surprise since it's the world 3rd largest company. It might need to take a lot of effort, and i guess it won't be as easy as it seems? Can they really overtake the mining for 50% of it immediately? i guess they will need time. But i think this is such a good news, especially if they can make it more efficient or even ecofriendly which has been quite issue too recently for many people. They might get a lot of support if they're showing the best they could do regarding this.

[o_e_l_e_o]

You know, sometimes being a bit paranoid can't hurt

Completely agree. If you aren't being at least a little paranoid, then you probably aren't being as safe or secure as you should be.

Bitcoin's incentive architecture is so solid that every now and then I try to think of the worst possible scenario just to give failure of the kind we are discussing here a little bit of a realistic chance.

You also have to consider the motivation behind such a move. Even if we said Aramco could buy out every ASIC producer in the world, mass produce ASICs for themselves at a huge cost, build a huge infrastructure to power all these ASICs, and eventually end up with 51% of the hashrate, what would they do next? Destroy bitcoin by mining only empty blocks, and therefore render the billions they just spent on ASICs and infrastructure completely wasted? And for what? What threat to an oil company is bitcoin? If they did end up with a huge amount of hashrate, then they are incentivized to mine honestly since they will make far more profit that way.

There would even be an incentive for all those Bitcoin holders to finance a fund that invests in research which is solely dedicated to outcompete the Asics produced by Aramco.

There is also nothing stopping bitcoin from forking to a new algorithm or mechanism that does not require ASICs and renders them useless.

[stompix]

There has been a clarification about this issue and they denied their involvement in Bitcoin mining. They only focus on the development and business of Blockchain-based.
So, it confirms that the issue is false.

“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.”

Source: Saudi Aramco dismisses ‘false and inaccurate’ rumors on Bitcoin mining

Glad to see they acted quickly on this, I would really want to see companies bringing those morons in court, every youtube channel thinks it is a news website, every single peon with a LLC with a 10k annual turnover thinks he is a businessman and can easily deal with a 2 trillion giant over tweeter and telegram.

The information comes from Ray Nasser, a well-known Brazilian businessman in the Bitcoin mining industry,  <>lol...
We are negotiating with Aramco. All black liquid [oil] that comes out of the desert belongs to this company.

From the start, the whole thing was about this obscure investor who has been caught with his lies to simply buy from Aramco the excess flare gas and turn it into electricity, then mine. There was at no point anything about Aramco being involved in the actual mining. If we would go for this logic there isn't a single oil extraction company that isn't involved in mining as oil and gas are used all over the world to create electricity and thus some mining rigs.
Since all nuclear sites in France are owned by the French government does that means France itself as a country is mining bitcoin and altcoins?

[Sayeds56]

Saudi Aramco's plan and interest but it is not certain that it will be implemented.
If large oil companies use the excess gas generated from oil extraction to mine Bitcoin, it can depress the profit of mining, so that miners do not use coal or other fossil fuels for mining, which is good for the environment and beneficial to the future development of Bitcoin.

Saudi Arabia has large number of Refineries in its Eastern, western and central provinces  where Flare gas is burnt and this process in fact  pollutes the atmosphere as toxic gases are released to atmosphere. While using Flare gas to mine Bitcoin is not a bad idea because it won't harm the environment as it would reduce Gas emission  to atmosphere and instead  of burning the  gas it will be used to produce electricity  which is environment friendly and economically viable idea. This news item apperaed in Media but yet to be confirmed by ARAMCO.

[cotton ball]

saudi aramco, the 3rd largest company in the world, is planning to mine bitcoin, I'm not so sure if they really want to mine bitcoin, because I read in some articles, they denied all the news that said they planned to mine bitcoin, but I think this news It's just a rumor, I don't know who published this news, I don't even know..