Iraq To Start Bitcoin Mining On A Nation-State Level, Pundit Claims

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During significant diplomatic dealings between the United States and Iraq, Iraq’s Deputy Prime Minister, Muhammad Ali Tamim, has made statements that have sparked curiosity among Bitcoin enthusiasts about the possibility of Iraq joining large-scale Bitcoin mining as a national entity.

Will Iraq Start Mining Bitcoin?

At a recent press event with US Secretary of State Antony Blinken, Deputy Prime Minister Tamim spoke about various plans to update Iraq’s energy infrastructure and broaden its economic base. One of the subjects they explored was making use of advanced technologies to gather flare gas – an unwanted byproduct generated during oil production that is frequently discarded through burning.

Capturing flared gas in Bitcoin mining is a topic of great importance for the Bitcoin community. This wasted gas can be transformed into electricity and utilized for mining activities, creating an economically sound answer to a waste problem. Simultaneously, this approach aligns with global initiatives to decrease environmental pollution, as emphasized by Tamim during his speech.

“The Iraqi government is focusing on improving the lives of its people while also addressing the country’s financial obligations, particularly in relation to various stages of the energy sector. This includes adopting advanced technologies and modernizing the energy sector to lessen pollution. To achieve this, the government is expanding collaborations and signing deals, such as those that allow for the capture of flare gas using innovative methods.” – Tamim highlighted the transition towards eco-friendly and forward-thinking energy practices.

This development has prompted Joe Kerr, a noted Bitcoin pundit known on X as @Boomstick44, to suggest that Iraq might be moving towards adopting BTC mining on a large scale. Kerr tweeted, “Tell me your country is going to start mining Bitcoin for the US without telling me.” Kerr cited Tamim’s statement and saw it as proof that only BTC mining could be meant while the Iraqi official was trying to avoid the use of the word.

Tell me your country is going to start mining #Bitcoin for the U.S. without telling me…

Iraq’s deputy prime minister:

“The Iraqi government is dedicated to improving the lives of its people and simultaneously addressing the country’s financial obligations.”

— Joe Kerr (@Boomstick44) April 15, 2024

Deputy Prime Minister Tamim not only emphasized the possible ecological and financial advantages, but also highlighted the potential boost to tourism, drawing inspiration from El Salvador’s example. By embracing Bitcoin (BTC) as part of their economy, El Salvador has increased its allure for tourists from around the world who are intrigued by this digital currency.

The decision by El Salvador to make Bitcoin legal tender has generated intrigue in their tourism industry, potentially paving the way for Iraq to combine technological advancements with economic variation.

Although the Iraqi government has yet to officially announce the commencement of Bitcoin mining operations, and such news is currently considered unconfirmed speculation, the associations made by Kerr between Deputy Prime Minister Tamim’s remarks are worth noting. These connections highlight a developing tendency among countries to utilize Bitcoin as a means of addressing economic and environmental issues.

According to Bitcoinist’s news, at least six countries have officially initiated large-scale Bitcoin mining on a national level. These countries are El Salvador, Bhutan, Russia, United Arab Emirates, Oman, and Ethiopia. For instance, Bhutan has clandestinely invested millions in establishing a national Bitcoin mining facility to prevent an impending economic crisis.

At press time, BTC traded at $63,353

Iraq To Start Bitcoin Mining On A Nation-State Level, Pundit Claims

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2024-04-16 16:11