Colombian President Gustavo Petro stated that a new center for Bitcoin mining could be created on the Caribbean coast of the country and drew attention to the rich renewable energy resources of the region. Petro, who has been serving as president since 2022, said in his statement on social media that cities such as Barranquilla, Santa Marta and Riohacha have this potential.
Emphasis on investment and regional development
Petro thinks that Bitcoin mining facilities on the Caribbean coast could support regional economic growth and attract foreign direct investment. According to Petro, Colombia could take inspiration from the model of using excess hydropower or renewable energy previously produced in countries such as Paraguay and Venezuela to mine cryptocurrencies.
Petro emphasized, “Not only investors and mining companies, but also the local people should benefit from these projects.” In particular, he stated that the Wayúu people should be partners in all new mining ventures.
The Wayúu community, Colombia’s largest indigenous people, lives on the Caribbean coast. Petro stated that having this community have a say in mining projects would be an important step in terms of income distribution in the region.
The importance of renewable energy and environmental balance
Speaking about the effects of renewable energy use, Petro drew attention to Colombia’s rich electricity capacity obtained from hydroelectric and other sustainable sources. According to a 2024 World Bank report, 75 percent of the country’s electricity production comes from renewable sources. This rate is twice the world average.
Petro states that this potential is not only an economic opportunity, but also can be effective in combating climate change. The head of state has repeatedly criticized fossil fuel-based mining methods and stated that such energy sources trigger environmental instability and global warming.
Global developments and future scenario
Petro’s suggestions follow Luxor Technology’s Alessandro Cecere’s posts about the mining industry in Latin America. It was noted that Paraguay stood out in the Bitcoin mining industry after China, the USA and Russia, using the Itaipu hydroelectric power plant.
According to experts, developing countries can turn their cheap or wasteful electricity production into profit through Bitcoin mining. Hashlabs’ Jaran Mellerud noted that additional opportunities may arise in countries such as Colombia, as some major US mining companies are moving into artificial intelligence and high-performance computing.
But despite all these opportunities, the continuity of the initiative in Colombia remains uncertain. Petro’s term will end in August 2026, so time seems limited to initiate and complete comprehensive projects.
