Petrobras, Brazil’s national oil giant and one of the world’s top ten most profitable oil companies, has announced that it has entered the Bitcoin mining sector with a new research and development (R&D) project. According to Brazilian media outlet Blocknews, the startup aims to use associated gas produced during oil extraction to power Bitcoin mining operations. The approach is expected to increase energy efficiency and reduce carbon emissions, aligning with the company’s transition to low-carbon solutions. The R&D project will cover multiple areas within Petrobras and external institutions, focusing on blockchain applications across the company’s value chain. Marcelo Curi, Application Champion and Deputy Coordinator led by Rodrigo Chaves, explained that the project’s goals include tokenization, developing new business models, and exploring consensus mechanisms beyond Bitcoin mining. The initiative brings together Petrobras’ Leopoldo Américo Miguez de Mello Research, Development and Innovation Center (Cenpes), Universidade Petrobras and Pontifical Catholic University of Rio de Janeiro (PUC-Rio) Ledger Labs. These collaborations aim to integrate blockchain technology into various aspects of Petrobras’ operations. Related News: Binance Founder CZ Asked His Followers: Did They Profit or Lose from Bitcoin, BNB and Memecoins? Petrobras joins a growing list of oil companies that are using excess gas from oil extraction to mine Bitcoin. Argentine firms like Tecpetrol, Plus Petrol, and Yacimientos Petrolíferos Fiscales (YPF) have already adopted the model. Russian oil company Gazpromneft has partnered with BitRiver to use electricity from oil operations for mining operations. Petrobras is testing blockchain technology in various projects. For example, it has partnered with GoLedger on a marketplace for biomethane. The company launched its first public blockchain initiative in late 2023 in partnership with the Cardano Foundation and issued 500 dynamic non-fungible tokens (NFTs) for employee training purposes. *This is not investment advice. Continue Reading: One of the World’s Most Profitable Oil Companies is Entering the Bitcoin Industry – Here are the Details
