Saudi Aramco Denies Existing Bitcoin Mining Gossips

The Saudi Arabian state-owned oil company has denied that it is in the process of creating a mining farm to mine Bitcoin.

The what is mining bitcoin mean is a question that has been asked for quite some time now. Saudi Aramco denies the existence of such rumors.

Saudi Arabia’s top oil explorer recently stated that the company has been the subject of false and improper rumors. Saudi Aramco, the oil giant, has denied allegations that it is engaged in the minting of the digital currency Bitcoin. Saudi Arabia’s oil behemoth has denied rumors that it would enter the bitcoin mining business. However, the company is extremely keen to expand its operations onto the blockchain network. 

Saudi Aramco denies rumors that are false.

The oil business is the world’s largest producer of energy and chemicals, which is one of the fascinating facts about it. It has established a position in the worldwide society as a result of its consistent and reliable energy delivery. Furthermore, the business became an oil magnet after serving in the Saudi desert for more than 85 years. 

Aramco is aiming to advance into the digital arena via digital transformation methods, in addition to its other accomplishments in the business. Furthermore, the firm invests a significant amount of money in blockchain platforms in order to expand its network and become a blockchain-focused corporation. Aramco invested $6 million in a Series A round of financing for Data Gumbo Corp, a blockchain startup, in May. 

Saudi Aramco bought $5 million in VAKT, a blockchain commodity, in January, becoming the platform’s newest stakeholder. This move by the oil corporation sparked a significant interest in digital currency among crypto enthusiasts. 

The oil firm, on the other hand, makes an official statement, saying, 

“Aramco affirms that recent rumors suggesting that the business would engage in Bitcoin mining operations are entirely incorrect and inaccurate.”

Cryptocurrency in the Middle East

To the astonishment of crypto aficionados in the Middle East, the governments of the UAE and Saudi Arabia have shown strong interest in the crypto sector. The authorities are on the lookout for new ideas and technology to test out with cryptocurrency activities in the nation. 

The Bahraini Central Bank granted CoinMENA, a crypto trading platform, a legal license at the start of the year. As a result, the exchange is qualified to start its service in a number of countries, including the United Arab Emirates and Saudi Arabia. In addition, the Shariyah Review Bureau has certified CoinMENA as a Sharia-compliant platform. 

Furthermore, the UAE Central Bank has announced the beginning of an experiment to evaluate the operations of an in-house crypto asset. As a result, between 2023 and 2026, the UAE’s financial authorities are concentrating on delivering digital financial services to the country. 

As a result, the UAE’s future may be digital, with more machines, robots, and Artificial Intelligence at work. Furthermore, locals and expats residing in the nation may use digital money as their everyday cash with ease.

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