Iraq’s Energy Sector Modernization
During a meeting with US officials, Iraq’s Deputy Prime Minister, Muhammad Ali Tamim, discussed plans to modernize Iraq’s energy sector and diversify its economy. One topic was capturing flare gas, a byproduct of oil extraction that is often wasted.
Bitcoin Mining and Flare Gas
Flare gas can be converted into electricity and used to power Bitcoin mining operations. This process reduces pollution and aligns with global efforts to protect the environment.
Speculation on Iraq’s Bitcoin Mining
Bitcoin pundit Joe Kerr suggested that Tamim’s statements hinted at Iraq’s potential move towards large-scale Bitcoin mining. Kerr cited Tamim’s emphasis on new technologies and the avoidance of using the term “Bitcoin.”
Tourism and Economic Diversification
Tamim also mentioned enhancing tourism, similar to El Salvador’s approach after integrating Bitcoin into its economy. El Salvador’s Bitcoin adoption has boosted its tourism industry, offering a potential path for Iraq to link innovation with economic diversification.
Current Status
Official confirmation from Iraq on Bitcoin mining is still pending. However, Kerr’s observations highlight a growing trend of nations using Bitcoin to address economic and environmental challenges. Six countries, including El Salvador and Bhutan, already engage in Bitcoin mining at a national level.
