Petrobras Explores Gas-Based Bitcoin Mining in Blockchain Expansion
Petrobras, Brazil's leading oil company, is expanding its blockchain initiatives. The latest project involves various departments and institutions, focusing on low-carbon economy applications and business model improvements. This follows their first blockchain project with the Cardano Foundation in late 2023, which included an employee education program using NFTs.
Petrobras, renowned for its deep-sea oil drilling research and sustainable technology development, is now exploring a novel use for gas. The company is starting a research and development project to investigate using gas for Bitcoin mining. This follows similar projects by other oil companies like ExxonMobil and Gazpromneft, aiming to reduce emissions and monetize excess gas.
Petrobras' increasing investments in digitalization and sustainable energy technologies hint that Bitcoin mining facilities could be part of their strategy. In 2021, the company identified 41 use cases of blockchain technology in the oil and gas sector. With over 40,000 employees and significant contributions to the Brazilian state budget, Petrobras is pursuing innovative approaches to modernize its business model and explore new revenue streams, including blockchain technologies. So far, Petrobras has conducted over 310 blockchain transactions worth a total of one billion USD, reducing processing time and saving costs.
Petrobras' blockchain project expansion, including gas-based Bitcoin mining exploration, reflects the company's commitment to innovation and sustainability. As a major contributor to the Brazilian economy, Petrobras' adoption of blockchain technologies could pave the way for further integration of these technologies in the oil and gas sector.
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