Colombian President Gustavo Petro desires to show the nation’s Caribbean coast right into a bitcoin mining hub, pitching surplus clear vitality as the muse for the plan.
The proposal
In a submit on X, Petro named the cities of Barranquilla, Santa Marta, and Riohacha as potential mining areas, calling it:
“An immense enhance to the event of the Caribbean.”
He additionally floated giving the Wayúu neighborhood, Colombia’s largest Indigenous group primarily based on the identical coast, co-ownership of any mining initiatives that emerge.
A 2024 World Financial institution report discovered Colombia generates round 75% of its electrical energy from renewable sources, greater than twice the worldwide common.
The Caribbean coast specifically holds wind and photo voltaic capability that has barely been tapped commercially.
The Paraguay playbook
Petro’s remarks had been a direct response to a submit from Luxor Expertise’s Alessandro Cecere, who flagged that Paraguay’s share of worldwide hashrate has climbed to 4.3%, making it the fourth-largest bitcoin mining jurisdiction on the planet behind solely the U.S., Russia, and China.
Paraguay’s mining operations run on 100% renewable vitality, anchored by the Itaipu Dam and two smaller hydro vegetation that generate roughly six occasions what its 7 million residents devour.
Industrial miners first moved there in 2021–2022 when electrical energy was accessible for round $0.03 per kilowatt-hour, although prices have roughly doubled since.
The U.S. opening
The chance for rising mining international locations is widening partly due to a shift occurring in america.
Publicly listed American miners have been pivoting towards AI and high-performance computing, signing greater than $70 billion in cumulative AI contracts and drawing down their bitcoin holdings to fund the transition.
As U.S. operators chase higher-margin AI work, a rising share of worldwide hashrate is up for grabs by international locations with cheaper electrical energy and extra accommodating governments.
Colombia ticks each packing containers on paper, although shifting from a social media submit to precise coverage frameworks, mining licenses, and tariff agreements may show to be a big problem.