Petrobras Adopts Blockchain and Begins Bitcoin Mining

Petrobras, Brazil’s largest oil and gas company, has announced the launch of an ambitious project aimed at creating bitcoin mining capabilities and integrating blockchain technologies into its business processes. This initiative is being carried out in collaboration with the Petrobras Research Center and the PUC-Rio business school.

The project includes plans to tokenize assets, develop new consensus mechanisms, and explore various models for applying blockchain technologies. The company aims to follow the example set by industry peers such as Argentina’s YPF and Plus Petrol, which use excess electricity and gas from oil extraction for cryptocurrency mining. This approach allows for efficient utilization of surplus energy, according to Petrobras representatives.

Blockchain technology is already being utilized by the company in several projects, including trading on the biomethane market and developing innovative programs. In 2023, Petrobras signed an agreement with the Cardano Foundation to integrate this technology into its infrastructure.

Additionally, according to data from the analytics firm TheMiningMag, by the end of December last year, public mining companies held more than 92,000 bitcoins, a historic high.

Thus, Petrobras is actively exploring new technological horizons, seeking to enhance its operational efficiency and strengthen its position in the global energy market.