Colombian President proposes turning the Caribbean coast into a Bitcoin mining hub

BlockBeats News, May 6 — On Tuesday, Colombian President Gustavo Petro (Gustavo Petro) said in a post on social media that cities on the Caribbean coast of the country, including Barranquilla, Santa Marta, and Riohacha, have the potential to become Bitcoin mining centers. He added that they can use the region’s abundant renewable energy to attract foreign investment and boost economic development.

Petro proposed that Wayúu, the largest indigenous community in Colombia, could serve as co-owners of the project. He noted that similar models have already achieved success in Venezuela and Paraguay—thanks to Paraguay’s Itaipu hydropower dam water resources, its share of Bitcoin mining power has now risen to 4.3%, making it the world’s fourth-largest Bitcoin mining country, behind only the United States, Russia, and China.

A report by the World Bank in April 2024 shows that 75% of Colombia’s electricity comes from renewable energy, more than double the global average. Petro believes that using these clean energy sources can ease its previous concerns that mining with fossil fuels would worsen global warming.

Notably, Petro’s presidential term will end this August, and due to constitutional restrictions he will not participate in the May 31 election. The leading candidates expected to replace him have not made any significant public comments about Bitcoin or digital assets so far.

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