Colombian President Gustavo Petro has pressured that the way forward for Bitcoin mining should be environmentally pleasant, with nations wealthy in inexperienced vitality corresponding to Paraguay and Venezuela attracting funding within the Bitcoin mining sector. He additionally warned in regards to the affect of utilizing fossil fuels to energy this exercise.
Essential factors:
- Colombia's Gustavo Petro has warned that fossil fuel-powered Bitcoin mining dangers international local weather collapse.
- Paraguay has the world's fourth-highest hashrate, whereas Venezuela has halted mining because of a nine-year peak vitality disaster.
- Petro needs three Caribbean cities to mine Bitcoin, however the 2026 Hashrate Index report excludes Colombia.
President Petro highlights vitality extraction potential in Venezuela and Paraguay
Cryptocurrency mining as a world exercise has attracted the eye of world leaders, who’re giving their opinions on what the longer term holds for these actions.
Controversial Colombian chief Gustavo Petro reiterated on social media the necessity for inexperienced assets to energy these energy-intensive actions.
Peter warned that “If cryptocurrencies rely upon fossil fuels, there might be international warming and local weather collapse.”
He additionally emphasised that nations with untapped clear vitality assets, corresponding to Venezuela and Paraguay, are attracting funding in Bitcoin mining. Paraguay has the fourth-largest hashrate on the earth, behind powers corresponding to the US, Russia and China, whereas Venezuela isn’t even within the high ten.
Paraguay leverages the wealthy hydropower assets of the Iguazu Dam, one of many largest on the earth, and presents extremely aggressive vitality costs starting from $0.037 to $0.050/kWh.
Venezuela lately banned Bitcoin mining as the federal government faces an vitality disaster and demand soars to a nine-year peak. Nonetheless, the report reveals that mining operations close to vitality sources can faucet into electrical energy that can not be transported because of lack of infrastructure.
“Bitcoin mining is a technique that permits people to build up Bitcoin by digital transactions utilizing highly effective computer systems. This additionally applies to Santa Marta, Riohacha and Barranquilla… This represents a serious enhance to the event of the Caribbean area.” Peter concluded.
Hashrate Index’s “State of Bitcoin Mining in Latin America (2026)” report focuses on mining developments in Paraguay, Brazil, Bolivia, Argentina, Venezuela, and El Salvador, however doesn’t point out Colombia. Which means this nation is a frontier for Bitcoin mining, and the circumstances for the business to develop aren’t but in place.
