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Today, Monday, Saudi Aramco denied what was recently broadcast in the media claiming that the oil giant is considering embarking on Bitcoin business.
In a statement obtained by Al Arabiya.net, the company said it “definitively confirms that these allegations are completely false.”
It was reported that Aramco was planning to use the excess gas from oil production to mine Bitcoin.
Mining represents the bringing into circulation of new bitcoins. Miners verify transactions on blockchain technology records to help prevent fraud, and as a reward they receive new bitcoins.
To verify transactions, miners have to solve very complex mathematical equations, mainly through trial and error, which requires complex computer systems and a lot of computing power. This computing power consumes a lot of electricity.
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