Paraguay has recently claimed approximately 4.3% of the global Bitcoin network’s share. This notable increase has drawn the attention of leaders in neighboring Colombia, who are now considering leveraging similar strategies to enhance their own energy resources.

A Proposal for Bitcoin Mining in Colombia

This week, Colombian President Gustavo Petro made headlines with a proposal aimed at transforming the country’s Caribbean coast into a Bitcoin mining hub. He highlighted Paraguay’s success as a prime example of how developing nations can utilize their resources effectively.

In a communication on social platform X, he identified three cities—Barranquilla, Santa Marta, and Riohacha—as potential locations for future Bitcoin mining operations.

An important aspect of Petro’s proposal is his commitment to include the Wayúu community, the largest Indigenous group in Colombia, as co-owners of these ventures. This partnership aims to ensure local benefits from the economic activities generated by Bitcoin mining.

“This initiative could significantly enhance development in the Caribbean region,” Petro stated.

Si las monedas virtuales se basan en energía fósil estalla el calentamiento mundial y el colapso climático.

Hoy, los países con abundantes energías limpias como Venezuela y Paraguay, logran atraer las inversiones en minería del Bitcoin.

— Gustavo Petro (@petrogustavo) May 5, 2026

Petro’s plan is supported by Colombia’s current energy profile. According to the World Bank, as of April 2024, around 75% of Colombia’s electricity is generated from renewable sources, which is significantly higher than the global average.

By utilizing these clean energy resources for Bitcoin mining, Petro aims to address the environmental issues often associated with fossil fuel-based mining methods.

Learning from Paraguay’s Example

The success of Paraguay is crucial to Petro’s argument. This landlocked nation capitalized on the hydroelectric power generated by the Itaipu dam and now stands as one of the top players in the global Bitcoin mining landscape, securing the fourth position in Bitcoin mining hashrate, following the United States, Russia, and China.

According to analysts at Hashlabs, the mining industry has significant potential to create economic benefits for emerging countries by converting excess electricity into lucrative exports.

As the market evolves, many commercial miners in the U.S. are shifting their focus toward sectors with higher profit margins, such as artificial intelligence and high-performance computing. This transition may create opportunities for nations with lower electricity costs to capture a more substantial portion of the Bitcoin network.

A Time-Sensitive Initiative

However, there is a crucial limitation to Petro’s proposal. His presidential term is set to conclude in August, which leaves him with approximately three months to advance this initiative. Furthermore, he is constitutionally prohibited from seeking re-election, with Colombia’s next presidential election scheduled for May 31.

Featured image from Unsplash, chart from TradingView