Petrobras announces its entry into the cryptocurrency market with a new project. In partnership with several companies, the state-owned Petrobras will mine Bitcoin, in addition to focusing on tokenization.
Petrobras will mine Bitcoin? Petrobras, widely recognized as one of the ten largest and most profitable oil companies in the world, is moving into new areas of technological innovation. In a bold Research and Development project (R&D), the company has been exploring emerging technologies to optimize its processes and reduce operational costs. Among the rumors about its innovation strategy, there is speculation about the possibility of integrating solutions related to blockchain, a technology that has transformed entire industries.
Although Bitcoin mining has not yet been officially confirmed as part of its initiatives, Petrobras has been investing heavily in digitalization and sustainable energy technologies. With a focus on diversifying and modernizing its operations, the company seeks to increase its relevance in a global market that is constantly changing. If it enters the cryptocurrency sector, Petrobras could redefine its position as a pioneer in the convergence of energy and digital innovation.
Understand Petrobras' project to mine Bitcoin
This project, which covers several areas of the company and collaborates with other institutions, has as one of its main focuses cryptocurrency mining, as statement by Marcelo Curi, Implementation Champion and Deputy Coordinator of the project, which is led by Rodrigo Chaves on Wednesday
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Petrobras' project to mine Bitcoin goes beyond the simple cryptocurrency mining, as it explores a wide range of blockchain applications in Petrobras' value chain, aligning with the company's transition to a low-carbon economy.
Initiatives include tokenization, the use of consensus mechanisms for projects other than bitcoin mining, and studies on how to model businesses and processes using this innovative technological framework.
Also participating in this ambitious cryptocurrency project are the Leopoldo Américo Miguez de Mello Research, Development and Innovation Center (Cenpes) and Petrobras University. Also involved are PUC-Rio through the Business School's Ledger Labs, contributing to a multidisciplinary and innovative approach.
This project, where Petrobras will mine Bitcoin, reflects the company's vision of positioning itself at the forefront of technological innovation, exploring how blockchain technology can be integrated into its operations to increase efficiency, reduce environmental impact and open new revenue avenues in the context of the global energy transformation. The news was released by the BlockNews portal on 22/01/2025.
Understand how Blockchain is linked to Oil
The use of blockchain to increase efficiency in cost control and ensure greater reliability is already a well-known practice in the oil industry. Petrobras, for example, is developing an innovative project that includes the possibility of Bitcoin mining, demonstrating how the technology can be integrated into the sector's operations. A notable success story involving blockchain is that of the startup H3aven, which has stood out in the application of technological solutions to solve complex problems.
In a recent interview with BlockTrends, H3aven CEO Antonio Hoffert shared details about the company’s trajectory and the main use cases for blockchain in its operations. He mentioned that, back in 2016, the startup was called to analyze an accident that occurred in the steel industry. According to Hoffert, the lack of clarity and complexity of traditional contracts made it difficult to identify responsibilities, creating a true legal “limbo” surrounding the incident.
To address the issue and avoid similar situations in the future, H3aven adopted smart contracts based on the Ethereum blockchain. This approach brought greater transparency and control in relationships with suppliers, minimizing the risk of contractual disputes. Hoffert highlighted that the experience with blockchain technology, combined with the company's track record in asset tokenization projects, was crucial to the development of innovative solutions that now propel H3aven as a reference in the sector.
H3aven's story is a clear example of how blockchain integration can transform traditional industrial sectors, offering solutions that increase efficiency, reduce costs and bring more security to processes previously marked by uncertainty.
Petrobras had already announced an initiative in the cryptocurrency market
To date, the state-owned company has already carried out more than 310 transactions on the blockchain, moving a total of US$1 billion. These transactions not only demonstrated the commercial viability of the technology, but also brought concrete benefits, such as an average saving of 1,5% in the value of contracts and a significant reduction in processing time.
In addition to the most recent initiative, Petrobras has developed other projects to evaluate the potential of blockchain. One of them was the creation of a possible biomethane marketplace in partnership with the company GoLedger.
In addition to this project, where Petrobras will mine Bitcoin, the state-owned company also announced in 2023 a cooperation with the Cardano Foundation, responsible for the blockchain of the same name, for the training of its employees in blockchain technology and for the issuance of 500 NFTs, which gave access to the training.
This is suicide, we have to invest in refineries, we send the **** oil abroad to be refined and we buy it and we have to have national control of consumer prices and the damage is repaired in the foreign market with exports.
I didn't understand if Petrobras is studying blockchain technology to use it as a means of guarantee/security in internal processes or if it will simply mine cryptocurrencies.
In the second case, there is a flagrant deviation of function.