Petrobras Dives Into Bitcoin Mining, Using Stranded Gas to Cut Emissions
Petrobras, Brazil's state-controlled energy giant, is venturing into cryptocurrency mining. The company, known for its deep-sea drilling and sustainability research, is starting a project to use unutilized gas for Bitcoin mining.
Petrobras, which employs over 40,000 people and significantly contributes to the Brazilian state budget, is investing in renewable energies and blockchain technologies to modernize its business model and explore new revenue streams. This includes a research and development project involving the use of unutilized gas for Bitcoin mining.
The project, involving various company departments and institutions, is part of Petrobras' ongoing blockchain initiative. Launched in late 2023 with the Cardano Foundation, this project includes employee training on blockchain and the issuance of NFTs. So far, Petrobras has conducted over 310 blockchain transactions worth a total of one billion US dollars, reducing processing time and saving costs.
Petrobras' interest in Bitcoin mining using stranded gas is not surprising, given its commitment to reducing CO2 emissions and improving efficiency. In 2021, a study conducted with PUC-Rio found 41 use cases of blockchain technology in the oil and gas sector worldwide, indicating the potential of this technology for the industry.
Petrobras' Bitcoin mining project, using unutilized gas, could reduce emissions and monetize excess gas, providing a promising use case for the company. With its increasing investments in digitalization and sustainable energy technologies, Petrobras seems to be exploring Bitcoin mining as part of its strategy to modernize its business model and explore new revenue streams.
