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

Amidst a notable diplomatic engagement between the United States and Iraq, recent statements by Iraq’s Deputy Prime Minister Muhammad Ali Tamim have stirred speculation in the Bitcoin community regarding Iraq’s potential entry into BTC mining at a nation-state level.

Will Iraq Start Mining Bitcoin?

During a press conference with US Secretary of State Antony Blinken, Deputy Prime Minister Tamim discussed a range of initiatives aimed at modernizing Iraq’s energy sector and diversifying its economy. Among the topics addressed was the utilization of new technologies to capture flare gas, a byproduct of oil extraction that is often burned off and wasted.

Flared gas capturing is a significant point of interest for the Bitcoin community, as this excess gas can be converted to electricity and used to power mining operations. This process not only provides an economically viable solution to a waste problem but also aligns with global efforts to reduce environmental pollution—an issue 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 said, emphasizing the shift towards innovative and sustainable energy solutions.

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.

In addition to the potential environmental and economic benefits, Deputy Prime Minister Tamim also touched on enhancing tourism, following a playbook similar to El Salvador, which has integrated BTC into its economy, enhancing its appeal to a global audience interested in BTC.

El Salvador’s adoption of Bitcoin as legal tender has indeed sparked interest in its tourism sector, suggesting a potential path for Iraq to link technological innovation with economic diversification.

While official confirmation from the Iraqi government regarding the start of Bitcoin mining operations is pending and pure speculation at the moment, the connections drawn by Kerr between Deputy Prime Minister Tamim’s comments are noteworthy and underscore a growing trend of nations leveraging BTC to address economic and environmental challenges.

As Bitcoinist reported, already six countries officially mine Bitcoin on a nation-state level. These include El Salvador, the Kingdom of Bhutan, Russia, the United Arab Emirates, Oman and Ethiopia. For example, Bhutan has secretly spent millions building a national Bitcoin mining operation to avert an economic crisis.

At press time, BTC traded at $63,353

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BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

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