Saudi Aramco denies reports it will embark on Bitcoin mining

Saudi Aramco denies reports it will embark on Bitcoin mining

Saudi Aramco has released a statement addressing reports that the company will begin mining Bitcoins.

“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,” the statement said.

Bitcoin mining is the process of using computers to solve mathematical problems. This is in order to generate new units of the cryptocurrency.

Saudi Aramco is also one of the world’s largest companies in terms of revenue.

It is responsible for producing around one in eight barrels of the world’s oil; according to United Arab Emirates news agency WAM.

Aramco also raised a record $29.4 billion after going public in late 2019.