Petrobras Explores Bitcoin Mining in New Project

According to PANews, Brazilian oil giant Petrobras is launching a research and development initiative that includes Bitcoin mining. The project involves various company departments and external institutions, focusing on blockchain applications within its low-carbon transition value chain. Areas of exploration include tokenization, consensus mechanisms in other projects, and Bitcoin mining, alongside research into business model and process modeling using this innovative framework. The report highlights that Petrobras is not the only oil company venturing into Bitcoin mining. Other oil companies, such as Argentina's Tecpetrol, Plus Petrol, and YPF Argentina, have also announced Bitcoin mining plans. A key intersection between the oil industry and Bitcoin is the use of natural gas produced during oil exploration, which is often not utilized or sold. For instance, Russian company Gazpromneft has partnered with mining firm BitRiver to use electricity generated from oil activities for mining purposes.