Colombian President Eyes Bitcoin Mining Boom

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Colombian President Gustavo Petro proposed developing the Caribbean region through Bitcoin mining. He suggests using abundant renewable energy sources to boost development in this area, transforming it into a potential hub for clean-energy-backed Bitcoin mining, similar to models in Paraguay.

Petro argued that countries like Venezuela and Paraguay are rich in energy sources that are attractive to Bitcoin mining investors.

“This could be the case for Santa Marta, Riohacha, and Barranquilla,” he said, referring to key Caribbean coastal cities in Colombia. These cities, Petro suggested, could become a renewable-energy-powered Bitcoin mining hub to drive the country’s economic growth.

While Mayor of Barranquilla, Alex Char, is apparently against the idea, this would be “an immense boost to the development of the Caribbean,” Petro said.

He went on to argue that the Indigenous community, the Wayúu, who reside on the Caribbean coast, could be “co-owners of this project.” Though Petro expressed a wish for a dialogue with this native community, he didn’t provide details as to how this ‘co-ownership’ would work.

This said, Petro will leave office in August 2026, having been elected for a four-year term in 2022. The country’s constitution forbids consecutive re-election.

‘Bitcoin mining will return to Venezuela’

Petro’s comments came as a response to a post from Luxor Technology’s Alessandro Cecere, discussing a report on Bitcoin mining in Paraguay. “What we found has direct implications for Venezuela,” Cecere wrote.

Paraguay, he explained, has “a structural surplus of hydroelectric energy with nowhere to go.” But it’s also the fourth country by mining activity. It holds 4.3% of the global hashrate, about 43 EH/s as of Q2 2026.

Cecere’s report found that “Venezuelan surplus is structurally identical to the Paraguayan surplus that created an entire industry.” The difference is that Paraguay built the infrastructure to monetize it, while Venezuela did not – yet.

Venezuela is not dormant as a Bitcoin mining hub because of its energy. It’s due to the regulatory and political environment that stands as an obstacle for private capital, especially from the US, to come in. However, Cecere argues, “that barrier is not as absolute as it was.”

“Paraguay didn’t have to compete with Venezuela to become the fourth country with the most hashrate in the world. It may not always have that advantage. Bitcoin mining will return to Venezuela,” Cecere concluded.