Colombian President Gustavo Petro highlighted that the way forward for bitcoin mining have to be inexperienced, as nations with ample inexperienced vitality, together with Paraguay and Venezuela, are attracting investments within the sector. He additionally warned in regards to the penalties of utilizing fossil fuels to drive this exercise.
Key takeaways:
- Colombia’s Gustavo Petro warned that Bitcoin mining with fossil fuels dangers international local weather collapse.
- Paraguay has the fourth largest hashrate on the earth, whereas Venezuela’s peak nine-year vitality disaster halted mining.
- Petro desires 3 Caribbean cities to mine Bitcoin, though the 2026 Hashrate Index report omits Colombia.
President Petro highlights vitality mining potential of Venezuela and Paraguay
Cryptocurrency mining, as a world exercise, has attracted the eye of world leaders, who provide their imaginative and prescient on what the way forward for these operations shall be like.
Gustavo Petro, Colombia’s controversial chief, took to social media to reiterate the necessity for inexperienced sources to energy these energy-intensive actions.
Petro warned that “If digital currencies depend upon fossil fuels, international warming and local weather collapse will escape.”
Moreover, he highlighted that nations with untapped clear vitality, together with Venezuela and Paraguay, are attracting investments in bitcoin mining. Whereas Paraguay has the fourth largest hashrate on the earth, behind powers like america, Russia and China, Venezuela will not be even within the prime 10.
Paraguay has taken benefit of its ample hydroelectric sources on the Iguazú Dam, one of many largest on the earth, to supply very aggressive vitality costs ranging between $0.037 and $0.050/kWh.
Venezuela just lately banned bitcoin mining, as its authorities faces an vitality disaster, with demand hovering to a 9-year excessive. Nonetheless, reviews point out potential in mining operations close to energy era sources to harness vitality that can’t be transported as a consequence of lack of infrastructure.
“Bitcoin mining is the tactic by which a person, utilizing highly effective computer systems, can accumulate Bitcoin by digital transactions. This might be the case of Santa Marta, Riohacha and Barranquilla… it represents an immense increase for the event of the Caribbean area.” concluded Petro.
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. Which means the nation is virgin territory for bitcoin mining and the nation nonetheless lacks the circumstances for the business to develop.
