Colombian President Proposes Caribbean Coast as Bitcoin Mining Hub

On May 6, Colombian President Gustavo Petro stated on social media that cities such as Barranquilla, Santa Marta, and Riohacha on the country’s Caribbean coast have the potential to become a Bitcoin mining center, leveraging the region’s abundant renewable energy to attract foreign investment and boost economic development. Petro proposed that Colombia’s largest indigenous community, the Wayúu, could be co-owners of the project. He pointed out that similar models have succeeded in Venezuela and Paraguay—where Paraguay, utilizing the hydroelectric resources of the Itaipu Dam, has seen its Bitcoin hash rate rise to 4.3%, making it the fourth largest Bitcoin mining country globally, after the United States, Russia, and China. A World Bank report from April 2024 indicates that 75% of Colombia’s electricity comes from renewable sources, more than double the global average. Petro believes that utilizing this clean energy can alleviate his previous concerns about fossil fuel mining exacerbating global warming. Notably, Petro’s presidential term will end in August this year, and due to constitutional restrictions, he will not participate in the upcoming elections on May 31. Currently, popular candidates to succeed him have not made significant public comments regarding Bitcoin or digital assets.