Colombian President Gustavo Petro has announced that his administration is closely monitoring the surge in Bitcoin mining across Latin America, emphasizing that Colombia is strategically well-positioned to benefit from this movement. Petro specifically highlighted the significant, yet underused, potential in the Caribbean coastal cities of Santa Marta, Barranquilla, and Riohacha.
Focus on Renewable Energy
A key element of Petro’s statements is the central role of clean energy in Bitcoin mining. He pointed out that countries like Venezuela and Paraguay are attracting major mining investments thanks to an abundance of hydroelectric power, suggesting Colombia holds similar prospects. In a recent social media post, he stressed:
When virtual currencies are produced using fossil fuels, it triggers global warming and escalates the climate crisis. Nowadays, Venezuela and Paraguay, thanks to their ample clean energy, are drawing mining investments in Bitcoin.
Petro advocates for mining projects aligned with renewable sources. He also backs involving Colombia’s indigenous Wayú communities in both energy generation and mining through cooperative business models, a move he considers innovative in both economic and social spheres.
Paraguay’s Mining Rise and Colombia’s Opportunity
Paraguay has become one of Latin America’s leaders in Bitcoin mining, leveraging its robust hydroelectric resources. According to Hashrate Index’s 2026 report, Paraguay’s total mining capacity has reached 43 EH/s, accounting for about 4.3% of global output. This places Paraguay fourth worldwide, behind the United States, Russia, and China.
Major companies, such as HIVE Digital Technologies and Alps Blockchain, have made long-term investments in Paraguay, drawn by some of the lowest electricity prices globally—between $0.037 and $0.050 per kilowatt-hour. The report notes that, across the rest of Latin America (excluding Brazil), the mining sector only makes up about 1–2% of global capacity. Brazil, after liberalizing its energy market, has seen a noticeable uptick in mining activity, while Venezuela’s regulatory uncertainty and tightened oversight continue to hamper its potential.
Petro’s Vision and the Road Ahead
Petro was among the first to introduce the concept of Bitcoin mining in Colombia, proposing renewable energy-driven models while still a senator in 2021. Back then, he suggested harnessing the power of Pacific waterfalls and La Guajira’s wind energy for mining projects, and later included this vision in his 2022 presidential campaign.
Now, as president, he is shifting the conversation beyond El Salvador, the first country to adopt Bitcoin, and pointing to practical models in Paraguay and Venezuela. About 75% of Colombia’s electricity already comes from hydroelectric sources, while a large portion of the Caribbean coast’s wind capacity remains underused. The La Guajira region, in particular, is widely recognized as possessing some of the greatest wind energy potential in the area.
However, experts caution that legal clarity, strengthened grid infrastructure, and investor confidence are essential for the sector’s growth. A strong energy supply is not enough on its own—as demonstrated by Argentina’s example. The Hashrate Index report found Argentina’s mining share dropped by 42% in 2024, mainly due to economic instability and shifting policies.
In summary, while Colombia enjoys substantial advantages, the expansion of its Bitcoin mining industry will depend on both political will and the ability to foster a stable environment for investment.
