Petrobras () started a research and development project that encompasses Bitcoin () mining – process by which transactions are verified and registered and new cryptocurrencies are created. The initiative was released last week at LinkedIn by Marcelo Abdo Fuad Curi, an employee at the Brazilian oil giant who specializes in innovation, educator and certified architect in Blockchain and Crypto Economics.
O Infomoney He contacted Petrobras and Curi to understand the details of the initiative, but has no response yet. The report found with players of the sector, however, that the companion can capitalize the existing infrastructure to enjoy the natural gas Associated with oil production, following the model adopted by other companies in the sector.
This natural gas is found next to oil because both are formed from the same geological process. Gas that is not considered commercially viable is usually injected again in the reservoir (which increases pressure and facilitates oil extraction) or burnt, a practice that generates energy waste and is evil to the environment.
“The conversion of surplus gas, traditionally wasted in flaRing processes (burning), electrical power to feed asics (specific bitcoin mining equipment), represents an innovative energy efficiency solution. This system can act as a load regulator, optimizing energy use in periods of low demand and turning surpluses into a tangible economic value through mining, ”explained Alexandre Ludolf, General Partner of Transfer Ventures, Blockchain -based financial solutions company.
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Oil and bitcoin
Other companies in the oil sector adopted this model. Since 2021, cryptocurrency companies have been helping oil companies in the United States to take advantage of this surplus natural gas to feed cryptocurrency mining operations. One of the cases is the company Crusoe Energy, cited as an example on the World Economic Forum website for capturing residual methane to feed data centers.
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In 2023, Tecpetrol, one of the main companies in the oil sector of Argentina, also started a project in the area. “It is the mining of cryptocurrencies to take advantage of natural gas. It consists of using gas that is not burned for environmental and regulatory reasons for generating the energy used by computers to mining cryptocurrencies, promoting more efficient use of energy, ”explained Ricardo Markous, CEO of Tecpetrol, in a publication on social networks this year past.
Already in 2024, Genesis Digital Assets Limited, one of the largest bitcoin mining companies in the world, also opened a data center in Argentina fueled by YPF, state sister of oil. The partnership feeds 1,200 BTC mining machines and efficiently monetizes gases, which would otherwise be burned in the atmosphere, according to the company’s statement.
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Burning and Environment
Burning this surplus gas contributes to global warming and accelerates climate change. In December alone, according to Petrobras’ monthly oil and natural gas production, the Brazilian company burned 5.2 million cubic meters per day.
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In addition to harming the environment, burning is also a “waste of a valuable natural resource,” according to the World Bank, because surplus could be used for power generation. “For example, the amount of gas currently burned each year – about 148 billion cubic meters – could supply all sub -Saharan Africa,” the entity said in a material on its site.
