Colombian President Gustavo Petro has opened a debate that could significantly transform not only the country’s energy sector but also its position on the global cryptocurrency map. According to him, Colombia’s Caribbean coast has the potential to become a new hub for Bitcoin mining—thanks to surpluses of renewable energy that currently go unused.
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The Caribbean Instead of Silicon Valley? Petro Bets on Energy
Petro stated in a post on social media platform X that cities like Barranquilla, Santa Marta, or Riohacha could host mining farms. These would primarily utilize clean energy sources, which Colombia produces in abundance.
According to the World Bank, up to 75% of the country’s electricity comes from renewable sources, which is more than double the global average. It is precisely this combination—cheap and relatively clean energy—that makes Colombia an attractive candidate for miners seeking new locations outside traditional hubs. “It’s a huge boost for the Caribbean’s development,” Petro said, adding that the Wayúu indigenous community could also join the project as a co-owner.
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Inspiration from Paraguay: How to Turn Electricity into a Business
Colombia, however, does not want to venture down an uncharted path. Petro openly references the experiences of countries like Paraguay or Venezuela, which have already managed to attract miners thanks to cheap energy. Paraguay currently holds roughly 4.3% of the global hashrate and ranks among the four largest mining countries in the world—alongside the U.S., Russia, and China.
The key to success is the surplus electricity from hydroelectric plants, which would otherwise go unused. In this model, Bitcoin mining thus functions as a way to “convert” energy into a financial flow. According to analysts, this approach could have a significant impact, particularly in emerging economies.
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A New Opportunity as Miners Relocate
Interest in new locations is also being driven by a shift in strategy among major mining firms. In the U.S., these companies are increasingly shifting part of their capacity toward artificial intelligence and high-performance computing, which offer higher margins.
This opens the door for countries with cheaper energy to gain a larger share of the global hashrate. And Colombia, in particular, wants to take advantage of this opportunity.
Petro also emphasizes that cryptocurrency mining must be based on renewable energy sources. He criticizes models reliant on fossil fuels, which he believes contribute to the climate crisis. Colombia is thus trying to position itself as a “green alternative” in the crypto industry—which could be a key selling point for both investors and the public.
Politics may matter more than energy
However, the entire plan has a major catch: time. Petro’s term ends in August, and due to constitutional limits, the president cannot run for reelection. The future of the project will therefore be decided by the next government. The election frontrunners—Senator Iván Cepeda Castro and lawyer Abelardo de la Espriella—have not yet made any significant statements regarding Bitcoin or digital assets.
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