Petro Proposes Bitcoin Mining Hub on Colombia's Caribbean Coast

Colombian President Gustavo Petro proposed turning the country's Caribbean coast into a Bitcoin mining hub this week, citing untapped renewable energy resources in cities including Santa Marta, Riohacha and Barranquilla as a model for economic development similar to efforts in Paraguay and Venezuela.

In a post on X on Tuesday, Petro highlighted how nations with surplus clean energy, such as Paraguay and Venezuela, have attracted Bitcoin mining investments. "Today, countries with abundant clean energies locked away, like Venezuela and Paraguay, manage to attract investments in Bitcoin mining," he wrote. "This could be the case for Santa Marta, Riohacha, and Barranquilla. It's an immense boost to the development of the Caribbean." Petro stressed that any such projects must use renewable sources exclusively, warning that mining powered by fossil fuels would accelerate climate change.

Paraguay has emerged as the world's fourth-largest Bitcoin mining nation, capturing about 4.3 percent of global hashrate through its hydroelectric surplus. The Itaipu Dam alone supplies 7,000 megawatts to the country, meeting roughly 86 percent of national demand, while dams like Yacyreta and Acaray...