Iraq’s initiative to capture flare gases fuels rumors about cryptocurrency mining. The deputy prime minister of Iraq, Mr. Muhammad Ali Tamim, met with Mr. Antony Blinken, the secretary of state of the United States, to discuss potential areas of future collaboration.Iraq is putting into practice a plan to reduce the amount of toxic byproducts from oil processing, such as flare and tail gas.
The benefit of using flare gas for bitcoin mining is that it may run on any type of energy source. It’s interesting to note that Giga, a Texas-based company, has been able to use the flare gas to generate the output electricity. However, the primary issue lies in utilizing all of Iraq’s flaring gas for uncomplicated purposes.
Whether Iraq can ever compete with other nations to become a Bitcoin mining nation is the key question here. Although flaring gas is a challenging procedure due to the remote location of many oil fields, Iraq intends to totally eradicate it by 2027.
The gas that has been caught can be used to generate energy for the home market or for mining, which may result in additional money. The other option is to make money through the blockchain-based sales of carbon credits. This will represent Iraq’s attempts to lessen its impact on the environment.
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