Colombian President Gustavo Petro said the country’s Caribbean coast could emerge as a Bitcoin mining hub by leveraging its surplus renewable energy to attract foreign investment and drive regional growth.
In a post on X, Petro highlighted cities such as Barranquilla, Santa Marta, and Riohacha as potential locations for Bitcoin (BTC) mining operations powered by clean energy—drawing comparisons to countries like Paraguay and Venezuela that have capitalized on similar resources.
He framed the initiative as a development opportunity for the region, suggesting that the Wayúu community—Colombia’s largest Indigenous group—could participate as co-owners in such projects.
Industry analysts note that Bitcoin mining can generate meaningful economic benefits for emerging markets by converting excess or underutilized electricity into revenue. Additionally, nations with low energy costs may gain a larger share of the global Bitcoin hashrate, particularly as US-based miners increasingly shift toward AI and high-performance computing for higher returns.
Petro’s comments also followed observations that Paraguay’s share of global Bitcoin mining has grown significantly after tapping into hydroelectric power from the Itaipu dam, positioning it among the world’s leading mining hubs.
A World Bank report released in April 2024 found that Colombia generates up to 75% of its electricity from renewable sources—more than double the global average.
Leveraging this clean energy could address concerns raised by Gustavo Petro that Bitcoin mining powered by fossil fuels contributes to global warming and the risk of “climate collapse.”
Petro’s presidency nearing its end
Petro, who has been in office since August 2022, has taken a relatively neutral stance toward Bitcoin and the broader crypto industry. However, with his term set to conclude in August, he has only a limited window—around three months—to advance any Bitcoin mining initiatives.
He is not running in Colombia’s upcoming presidential election on May 31 due to constitutional term limits. According to data from Kalshi, left-leaning Senator Iván Cepeda Castro and conservative lawyer Abelardo de la Espriella are leading contenders to succeed him.
So far, neither candidate has made notable public statements regarding Bitcoin or digital assets.
