Brazilian oil giant Petrobras ventures into bitcoin mining and tokenization
Petrobras ventures into bitcoin mining and tokenization
Petrobras, one of the world’s largest and most profitable oil companies, has announced an ambitious Research & Development (R&D) project that includes Bitcoin mining as a key component.
The initiative is part of a broader exploration into blockchain applications aimed at driving a low-carbon transition, according to Marcelo Curi, the project’s Implementation Champion, according to BlockNews.
The project brings together various company departments, alongside institutions like the Leopoldo Américo Miguez de Mello Research Center (Cenpes) and the Business School at the Pontifical Catholic University of Rio de Janeiro (PUC-Rio).
It will investigate tokenization, blockchain-based consensus mechanisms, and innovative business models to enhance Petrobras’ value chain.
Leveraging Blockchain for Oil and Gas
One key application being explored is using natural gas from oil extraction—a resource often wasted—to power Bitcoin mining operations. This aligns with similar initiatives by other energy companies, such as Argentina’s YPF and Russia’s Gazpromneft, which have turned to Bitcoin mining as a sustainable use of surplus energy.
Blockchain is not new to Petrobras. The company previously collaborated with the Cardano Foundation to launch its first public blockchain project in 2023, issuing 500 non-fungible tokens (NFTs) for employee training. This builds on earlier blockchain studies conducted with PUC-Rio, which identified its potential to streamline processes across the oil and gas sector.
“Blockchain’s ability to foster trust and collaboration among competitors is transformative,” the study noted. By integrating traditionally siloed operations, Petrobras aims to enhance efficiency and sustainability.
The company’s move into Bitcoin mining underscores its commitment to exploring cutting-edge technologies, blending blockchain innovation with environmental responsibility in the evolving energy landscape.
Brazil has solidified its status as a global leader in crypto, with 26 million citizens—12% of the population—owning digital assets. This ranks the country sixth worldwide in crypto adoption, highlighting its growing impact in the sector.
