Muhammad Ali Tamim, the Deputy Prime Minister of Iraq, joined talks with U.S. Secretary of State Mr. Antony Blinken to explore matters of future cooperation. Iraq is implementing a strategy to reduce the contribution of flare and tail gas, a hazardous by-product from oil processing.
The big question here is whether Iraq can ever join the growing competition to be a Bitcoin mining country. Due to the remote nature of many oil fields, flaring gas is a difficult process, but Iraq plans to put an end to it completely by 2027.
The advantage of Bitcoin mining using flare gas is that it can be powered by any energy source. Interestingly, a Texas enterprise called Giga has been able to produce output power using the flare gas. Nevertheless, turning all of Iraq’s flaring gas into utilization is the main challenge.
The captured gas can be used to produce electricity, which can either be used in the domestic market or for mining, potentially helping to earn more revenue. Another possibility is generating revenue through carbon credit sales on the blockchain. This will signify Iraq’s efforts to mitigate its environmental impact.
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