Colombian President Gustavo Petro careworn that the way forward for bitcoin mining have to be ecological, as international locations with ample inexperienced power, together with Paraguay and Venezuela, are attracting investments within the sector. He additionally warned in regards to the penalties of utilizing fossil fuels to energy this exercise.
Key Takeaways:
- Colombia’s Gustavo Petro warned that fossil-fueled Bitcoin mining dangers world local weather collapse.
- Paraguay holds the 4th largest world hashrate, whereas Venezuela’s 9-year peak power disaster halted mining.
- Petro needs 3 Caribbean cities to mine Bitcoin, although the 2026 Hashrate Index report omits Colombia.
President Petro Highlights Venezuelan and Paraguayan Potential For Power Mining
Cryptocurrency mining, as a world exercise, has woke up the eye of world leaders, who’re providing their takes on what the way forward for these operations seems to be like.
Gustavo Petro, Colombia’s controversial chief, took it to social media to reiterate the necessity for inexperienced sources to energy these energy-intensive actions.
Petro warned that “if digital currencies depend on fossil fuels, world warming and local weather collapse will erupt.”
Moreover, he careworn that international locations with untapped clear power, together with Venezuela and Paraguay, are attracting bitcoin mining investments. Whereas Paraguay holds the fourth largest hashrate on the earth, behind powerhouses just like the U.S., Russia, and China, Venezuela isn’t even within the high 10.
Paraguay has taken benefit of its ample hydroelectric assets within the Iguazu dam, one of many largest on the earth, to supply very aggressive power costs starting from $0.037 to 0.050/kWh.
Venezuela just lately banned bitcoin mining, as its authorities faces an power disaster, with demand skyrocketing to a 9-year peak. Even so, experiences point out potential in mining operations close to power era sources to leverage energy that can not be transported attributable to a scarcity of infrastructure.
“ Bitcoin mining is the tactic by which a person, utilizing highly effective computer systems, can accumulate Bitcoin by way of digital transactions. This might be the case for Santa Marta, Riohacha, and Barranquilla… it represents an immense enhance to the event of the Caribbean area,” Petro concluded.
Whereas Hashrate Index’s The State of Bitcoin Mining in Latin America (2026) report highlights mining developments in Paraguay, Brazil, Bolivia, Argentina, Venezuela, and El Salvador, it doesn’t point out Colombia. This implies the nation is virgin territory for bitcoin mining, and the nation nonetheless lacks the circumstances for the trade to develop.
