Petrobras: Energy giant wants to mine Bitcoin with excess gas

Brazilian state oil company Petrobras has begun a research experiment on Bitcoin mining. The initiative focuses on using excess gas released from oil extraction to mine cryptocurrency.

The blockchain project is being launched in collaboration with several partners, including Ledger Labs of the PUC-Rio, the University of Petrobras, and the CENPES research center. Excess methane gas is created during oil extraction, which is not only harmful to the environment but can be captured and converted with technical processes to mine Bitcoin. Similar initiatives have already been started by other energy giants, for example in Texas or Argentina.

Petrobras is also exploring new business models based on blockchain, tokenization and alternative consensus algorithms. Together with GoLedger, the company has already established a marketplace for biomethane based on blockchain technology. In partnership with the Cardano Foundation, they have developed an NFT program for employee training on blockchain.

Petrobras is one of the ten largest oil companies in the world, with more than 40,000 employees.

Bitcoin is often criticized for its enormous energy consumption. However, the Proof-of-Work consensus algorithm, which consumes a lot of energy, as much as a country like Norway, is a deliberate part of the design. This high energy consumption contributes to the network's security and resistance to censorship.