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The President of Colombia stated that Bitcoin mining could change the country's Caribbean coast region.
Odaily Planet Daily News: Colombian President Gustavo Petro stated that the country’s Caribbean coast has the potential to become a Bitcoin mining hub, leveraging its surplus renewable energy to attract foreign investment and stimulate economic development.
Petro posted on X on Tuesday that the Caribbean cities of Barranquilla, Santa Marta, and Riohacha could build Bitcoin mining facilities and utilize the country’s clean energy, following the examples set by Venezuela and Paraguay in recent years.
Bitcoin mining analysts, such as Hashlabs managing partner Jaran Mellerud, said the industry could have a significant economic impact on emerging countries looking to convert unused electricity into cash flow.
As American commercial miners continue to expand into artificial intelligence and high-performance computing to seek higher profits, countries with low electricity costs also have the opportunity to gain a larger share of the Bitcoin network’s hash rate.
Petro’s remarks are a response to a post by Alessandro Cecere of Luxor Technology. Cecere pointed out that since Paraguay utilized its Itaipu dam for hydroelectric power, the country’s share of Bitcoin hash rate has risen to 4.3%. This small landlocked country in South America is now the fourth-largest Bitcoin mining country after the United States, Russia, and China. (Cointelegraph)