One of the World's Most Profitable Oil Companies Enters the Bitcoin Sector! Here are the Details

Brazil's national oil giant and one of the world's top ten most profitable oil companies, Petrobras, announced its entry into the Bitcoin mining sector with a new research and development (R&D) project.

According to Brazilian media outlet Blocknews, the initiative aims to use associated gas produced during oil extraction to power Bitcoin mining operations. This approach is expected to increase energy efficiency and align with the company's transition to low-carbon solutions by reducing carbon emissions.

The R&D project will cover many areas within Petrobras and external organizations, focusing on blockchain applications in the company's value chain. Application Champion Rodrigo Chaves and Deputy Coordinator Marcelo Curi stated that the project's goals include tokenization, developing new business models, and exploring consensus mechanisms beyond Bitcoin mining.

The initiative brings together Petrobras' Leopoldo Américo Miguez de Mello Research, Development and Innovation Center (Cenpes), Petrobras University and Rio de Janeiro Pontifical Catholic University (PUC-Rio) with Ledger Labs. These collaborations aim to integrate blockchain technology into various aspects of Petrobras' operations.

Petrobras joins the growing list of oil companies benefiting from excess gas obtained from oil extraction to engage in Bitcoin mining. Argentine companies such as Tecpetrol, Plus Petrol, and Yacimientos Petrolíferos Fiscales (YPF) have already adopted this model. Russian oil company Gazpromneft partnered with BitRiver to use electricity obtained from oil operations for mining activities.

Petrobras is testing blockchain technology in various projects. For example, it has collaborated with GoLedger in a market for biomethane. The company initiated its first public blockchain venture by partnering with the Cardano Foundation in late 2023 and issued 500 dynamic non-fungible tokens (NFT) for employee training purposes.