Iraq Prepares for Bitcoin Mining: New Technologies for Capturing Flare Gas
During a press conference with Iraq's Deputy Prime Minister, Mohammed Ali Tamim, initiatives to develop the country's energy sector and diversify its economy were discussed. Among them was the utilization of new technologies to capture flare gas, a byproduct of oil production that is often burned off wastefully. Flare gas presents significant interest to the mining industry as it can be converted into electricity and used for cryptocurrency mining.
This approach addresses two issues at once: eliminating byproducts of oil production and aligning with global efforts to reduce environmental pollution. The Iraqi government is expanding its partnerships and entering agreements to leverage new technologies for capturing flare gas.
Although the Iraqi official did not directly mention mining, crypto experts inferred that the new technologies imply cryptocurrency mining. This is especially notable as Tamim mentioned El Salvador's experience in integrating Bitcoin into its economy, which has increased the country's appeal to investors in digital assets.
Currently, mining is officially permitted in six countries: Russia, El Salvador, UAE, Oman, Ethiopia, and the Kingdom of Bhutan.
