Paraguay is now the fourth-largest Bitcoin mining country by hash rate, behind the US, Russia, and China.
Bitcoin News
Colombian President Gustavo Petro said Tuesday that the country's Caribbean coast has the potential to become a Bitcoin (BTC) mining hub, naming the cities of Barranquilla, Santa Marta, and Riohacha as potential sites.
Petro made the remarks on X in response to a post from Luxor Technology's Alessandro Cecere, who noted that Paraguay's share of global Bitcoin hash rate has risen to 4.3% since the country began tapping hydroelectric energy from its Itaipu dam.
Paraguay is now the fourth-largest Bitcoin mining country by hash rate, behind the US, Russia, and China. Petro pointed to both Paraguay and Venezuela as countries that have attracted investment in local Bitcoin mining by leveraging abundant clean energy, and said Colombia could follow a similar path.
Petro proposed that the Wayúu community, Colombia's largest indigenous group residing primarily on the Caribbean coast, could serve as co-owners of any resulting mining project. He called the initiative "an immense boost to the development of the Caribbean" and said he intends to open discussions directly with the community.
Colombia's energy profile supports the proposal. The country generates up to 75% of its electricity from renewable sources, more than twice the global average, according to a World Bank report published in April 2024. As of the end of 2025, Colombia held 21,286.9 megawatts of renewable energy capacity, according to XM, the national grid operator.
Petro also framed renewable-powered mining as a response to climate concerns, flagging that Bitcoin mined with fossil fuels contributes to what he described as potential "climate collapse." Hashlabs managing partner Jaran Mellerud has said the BitcoinMining industry can have a sizable economic impact on emerging countries looking to convert otherwise unused electricity into cash flow.
There is also a structural opening for energy-rich countries to capture a larger share of global hash rate. US commercial miners are increasingly shifting capacity toward AI and high-performance computing in pursuit of higher-margin opportunities, reducing competitive pressure in crypto mining for countries with low electricity costs.
Petro has held a relatively neutral stance on Bitcoin and the crypto industry throughout his presidency, which began in August 2022 and ends in August of this year. He is not eligible to run in Colombia's May 31 presidential election due to constitutional term limits, leaving roughly three months to advance the initiative under his administration.
Prediction market Kalshi identifies left-leaning Senator Iván Cepeda Castro and conservative lawyer Abelardo de la Espriella as the leading candidates to replace Petro. Neither has made significant public statements on Bitcoin or digitalassets to date.
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