Petrobras Dives into Bitcoin Mining, Blockchain Tech
1min read Brazil's state-owned oil company, Petrobras, has announced its entry into the Bitcoin mining and blockchain sector, marking a significant shift for the energy giant. The company's new research and development (R&D) project aims to harness blockchain technology to enhance operational efficiency and reduce its carbon footprint.
The project, which aligns with Petrobras' commitment to a low-carbon future, will explore various blockchain applications alongside Bitcoin mining. The company plans to investigate tokenization and consensus systems, aiming to improve transparency and transform business models. Petrobras' research teams, including the Cenpe Center and Petrobras University, will collaborate on the project, with additional support from Ledger Labs at PUC-Rio's Business School.
Petrobras has a history of blockchain integration, having developed a biomethane marketplace with GoLedger to enhance operational transparency and collaboration. In late 2023, the company signed an agreement with the Cardano Foundation to provide employee blockchain training and issued 500 dynamic non-fungible tokens (NFTs) to facilitate access to these resources. This marked Petrobras' first foray into using a public blockchain, demonstrating its forward-thinking approach to digital innovation.
Petrobras is not alone in its exploration of Bitcoin mining and blockchain technology. In Argentina, companies like Tecpetrol, Plus Petrol, and YPF Argentina have adopted crypto mining, utilizing wasted gas from oil exploration. Similarly, Russia's Gazpromneft is working with mining companies like BitRiver to convert excess gas into electricity for Bitcoin mining. Petrobras' entry into the Bitcoin mining sector is part of its broader sustainability and technological progress goals, contributing positively to the Bitcoin ecosystem while reducing waste and improving energy use.
