Petrobras Launches Bitcoin Mining Project Using Associated Gas

Petrobras leverages associated gas for Bitcoin mining, exploring blockchain innovations to boost efficiency, and inspire energy sector innovation.

Petrobras, a Brazilian national oil company, has announced a groundbreaking research and development (R&D) project to explore Bitcoin mining. Associated gas from oil extraction serves as an operational fuel for Petrobras’ Bitcoin mining technology project. The Brazilian media outlet Blocknews reported that Petrobras targets both increased energy efficiency and reduced carbon emissions with their latest initiative.

Petrobras uses blockchain technology as a primary transition strategy because it stands as one of the world’s leading oil firms in both size and profitability. Marcelo Curi, who holds Deputy Coordinator position of the project, communicated that research development work will extend to Bitcoin mining and blockchain applications such as tokenizing assets and designing consensus systems.

The initiative brings together several partners, which include Petrobras University together with the Leopoldo Américo Miguez de Mello Research Center (Cenpe) and Ledger Labs in PUC-Rio’s Business School. The collaboration seeks to uncover novel blockchain technology applications that operate throughout Petrobras’ entire value chain.

Brazilian Oil Giant Petrobras Embraces Bitcoin Mining and Blockchain Applications

Petrobras faces competition from other businesses seeking to enter Bitcoin mining operations. Tecpetrol along with Plus Petrol and YPF Argentina, have launched comparable initiatives. Oil exploration creates surplus gas which these companies channel into energy production for mining operations instead of leaving it unsold or unused. The energy source from oil activities of Russia’s Gazpromneft served as Bitcoin mining power through its partnership with BitRiver.

Petrobras boasts a history of exploring the applications of blockchain technology across different use cases. Petrobras created a biomethane marketplace through their partnership with GoLedger during an innovation program. In late 2023, Petrobras started training their workforce on blockchain technology through its partnership with the Cardano Foundation. As its inaugural step towards mainstream blockchain interaction, Petrobras released 500 dynamic NFTs during its first token launch.

The partnership between PUC-Rio and Petrobras in their 2021 study revealed 41 international instances of blockchain applications within the oil and gas field with Brazil featuring four of those cases. Research findings showed blockchain technology helped competitors deepen their collaboration and build trust while revolutionizing established business operations.

Petrobras now participates in Bitcoin mining which showcases how energy firms are increasingly using blockchain technology to boost efficiency levels and eliminate waste while inspiring innovation as the energy sector evolves. This innovation marks progressive technological integration between modern systems and established industrial businesses.