Petro pitches Bitcoin mining boom for Colombia’s Caribbean coast

Colombian President Gustavo Petro said the country’s Caribbean coast could become a Bitcoin mining hub if it uses clean energy and brings local communities into the plan.

Petro pointed to Barranquilla, Santa Marta, and Riohacha as possible sites. He said the region could follow countries such as Venezuela and Paraguay, where low-cost energy has attracted Bitcoin mining investment.

Petro made the comments in a post on X while responding to a discussion on Bitcoin mining in South America. He said the Caribbean region could receive “an immense boost” from mining tied to renewable energy.

The president also called for talks with the Wayúu community. He said the Indigenous group should be involved as possible co-owners of future projects. The Wayúu mainly live in La Guajira, where Colombia has strong wind and solar resources.

Paraguay model draws attention

Petro’s remarks referred to Paraguay’s growing role in Bitcoin mining. The country has used surplus hydroelectric power to attract miners, including large firms building sites near the Itaipu dam.

As featured in earlier coverage, HIVE Digital acquired Bitfarms’ 200 MW hydro-powered Yguazú site in Paraguay for $56 million. The company said the deal lifted its planned Paraguay mining infrastructure to 300 MW.

That deal shows why energy-rich countries have become more attractive to Bitcoin miners. Mining firms often seek cheap and steady power, while host countries look for ways to turn unused electricity into revenue.

Colombia’s renewable base supports the proposal

Colombia already gets a large share of its electricity from clean sources. The World Bank said the country generates as much as 75% of its power from renewable energy, more than twice the global average.

That energy mix could help Petro frame Bitcoin mining as part of a clean power plan. He has also warned that crypto mining powered by fossil fuels could worsen climate change.

The Caribbean coast may play a key role because of its wind potential. Reuters reported that state oil firm Ecopetrol bought the Windpeshi wind power project in La Guajira, with operations expected by 2028.

Election timing leaves questions

Petro’s proposal faces a tight political timeline. His presidential term ends in August, and Colombia is set to hold a presidential election on May 31. He cannot run again because of term limits.

The next government will decide whether the idea moves forward. Current leading candidates have not made clear public plans on Bitcoin mining or digital assets.