Muhammad Ali Tamim, Iraq’s Deputy Prime Minister, held discussions with U.S. Secretary of State Antony Blinken to examine possibilities for future collaboration. Iraq is taking steps to minimize the release of harmful flare and tail gas, a byproduct of oil refining.
Can Iraq become a significant player in the expanding Bitcoin mining industry? This is the major concern, given that Iraq aims to eliminate gas flaring at its oil sites entirely by 2027, due to their remote locations making the process challenging.
“Iraq’s deputy prime minister announced that the Iraqi government is making plans to generate wealth for its people and settle its debts, which reportedly includes exploring opportunities in cryptocurrency mining, specifically Bitcoin.”
— Joe Kerr⚡ (@Boomstick44) April 15, 2024
The benefit of Bitcoin mining with flare gas lies in its ability to be sourced from any energy type. Remarkably, a business based in Texas named Giga has successfully harnessed this gas for power generation. However, transforming all the flaring gas in Iraq into productive use remains the primary hurdle.
The gas we’ve managed to trap can be transformed into electricity. This electricity can then be sold in the local market or used for mining operations, bringing in additional income. An extra option is to make money through the sale of carbon credits on a blockchain platform. By doing so, Iraq will demonstrate its commitment to reducing its carbon footprint.
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2024-04-17 01:56