Amidst a notable diplomatic engagement between america and Iraq, current statements by Iraq’s Deputy Prime Minister Muhammad Ali Tamim have stirred hypothesis within the Bitcoin group relating to Iraq’s potential entry into BTC mining at a nation-state degree.

Will Iraq Begin Mining Bitcoin?

Throughout a press conference with US Secretary of State Antony Blinken, Deputy Prime Minister Tamim mentioned a spread of initiatives aimed toward modernizing Iraq’s power sector and diversifying its financial system. Among the many matters addressed was the utilization of latest applied sciences to seize flare fuel, a byproduct of oil extraction that’s typically burned off and wasted.

Flared fuel capturing is a major focal point for the Bitcoin group, as this extra fuel could be transformed to electrical energy and used to energy mining operations. This course of not solely gives an economically viable resolution to a waste drawback but in addition aligns with world efforts to cut back environmental air pollution—a problem highlighted by Tamim in his speech.

“The Government of Iraq is working for the prosperity of the Iraqi people, at the same time to pay their debts of the Iraqi nation, especially when it comes to the different phases of the energy sector and use new technologies and modernization of the energy sector to reduce pollution. The Government is widening its partnership and conducting agreements so it will be able to, for example, use technologies to capture flare gas,” Tamim mentioned, emphasizing the shift in the direction of revolutionary and sustainable power options.

This improvement has prompted Joe Kerr, a famous Bitcoin pundit recognized on X as @Boomstick44, to recommend that Iraq is likely to be shifting in the direction of adopting BTC mining on a big scale. Kerr tweeted, “Tell me your country is going to start mining Bitcoin for the US without telling me.” Kerr cited Tamim’s assertion and noticed it as proof that solely BTC mining could possibly be meant whereas the Iraqi official was making an attempt to keep away from using the phrase.

Inform me your nation goes to begin mining #Bitcoin for the U.S. with out telling me…

Iraq’s deputy prime minister:

‘The Authorities of Iraq is working for the prosperity of the Iraqi individuals, on the similar time to pay their money owed of the Iraqi nation, particularly when it comes… https://t.co/S4gxAdHrLb

— Joe Kerr⚡ (@Boomstick44) April 15, 2024

Along with the potential environmental and financial advantages, Deputy Prime Minister Tamim additionally touched on enhancing tourism, following a playbook much like El Salvador, which has built-in BTC into its financial system, enhancing its attraction to a world viewers all in favour of BTC.

El Salvador’s adoption of Bitcoin as authorized tender has certainly sparked curiosity in its tourism sector, suggesting a possible path for Iraq to hyperlink technological innovation with financial diversification.

Whereas official affirmation from the Iraqi authorities relating to the beginning of Bitcoin mining operations is pending and pure hypothesis in the intervening time, the connections drawn by Kerr between Deputy Prime Minister Tamim’s feedback are noteworthy and underscore a rising development of countries leveraging BTC to handle financial and environmental challenges.

As Bitcoinist reported, already six international locations formally mine Bitcoin on a nation-state degree. These embrace El Salvador, the Kingdom of Bhutan, Russia, the United Arab Emirates, Oman and Ethiopia. For instance, Bhutan has secretly spent tens of millions constructing a nationwide Bitcoin mining operation to avert an financial disaster.

At press time, BTC traded at $63,353