- Petrobras uses flared gas from oil extraction to power its Bitcoin mining project for energy efficiency and sustainability.
- Petrobras collaborates with research institutions to integrate blockchain technology into its operations and reduce carbon emissions.
Petrobras, the Brazilian national oil company, has stated that it will use gas produced during oil extraction to power Bitcoin mining. The action fits the company’s initiatives toward lower carbon emissions and increased energy efficiency, according to CPG.
Turning Waste Gas Into Profitable Bitcoin Mining
The project’s primary concentration is on using waste gas produced during oil production. Usually flared or discharged into the environment, this gas causes significant carbon emissions. Petrobras is trying to make waste a profitable resource by redirecting it to power Bitcoin mining sites.
Petrobras is involving several establishments to help the project to be successful. Among them are Petrobras University and the Leopoldo Américo Miguez de Mello Research, Development, and Innovation Center (Cenpes). Apart from Bitcoin mining, the cooperation investigates various uses of blockchain technology that can benefit the manufacturing process of the company.
The worldwide trend of energy firms following is the entrance of Petrobras into Bitcoin mining. Many businesses in the industry are beginning to grasp the possibilities of blockchain technology and cryptocurrencies as means of making use of already squandered resources.
Nowadays, mining Bitcoin has fresh financial prospects, particularly for businesses trying to spread their income sources.
If successful, the project could serve as a model for other energy companies looking to reduce their carbon footprint. It could also boost Brazil’s reputation as a country that supports the sustainable adoption of crypto technology.
On the other hand, CNF previously reported that BitFu, one of the main Bitcoin mining operations, signed a two-year contract with BITMAIN to acquire 80,000 S-series mining rigs. With the mining facility added in Ethiopia, BitFuFu’s worldwide capacity for hosting will rise to around 600 MW.
