Petro pushes renewable-powered Bitcoin mining on Caribbean coast

President Gustavo Petro wrote on X on May 5 that Colombia’s Caribbean coast could host Bitcoin mining operations powered by hydroelectric and wind energy, naming Santa Marta, Barranquilla and Riohacha as possible hubs and proposing co-ownership models for Wayú communities.

Petro argued that mining run on fossil fuels worsens global warming and that renewable energy could support mining as an economic activity. He referenced analysis by Luxor researcher Alessandro Cecere mapping how Paraguay’s hydroelectric surplus attracted mining investment. Petro wrote in Spanish: “Si las monedas virtuales se basan en energía fósil estalla el calentamiento mundial y el colapso climático.”

A recent industry report estimates Paraguay supplies roughly 43 exahashes per second of Bitcoin hashrate, about 4.3% of the global total, and ranks fourth worldwide. The Itaipú Dam generates more electricity than Paraguay consumes, allowing industrial power prices reported between $0.037 and $0.050 per kilowatt-hour. Institutional miners have established significant operations in Paraguay.

Colombia’s electricity matrix is roughly 75% hydroelectric. The northern Caribbean coast has undeveloped wind potential, with La Guajira identified as a high-capacity wind corridor. Those energy resources are the basis for proposals to site utility-scale, low-carbon mining on the coast.

Regional trends show varied outcomes when countries try to attract mining. Brazil’s hashrate rose to about 3.5 EH/s, a 133% year-over-year increase after electricity-market deregulation enabled direct contracts between miners and generators. Argentina’s hashrate fell 42% year-over-year amid macroeconomic instability. Venezuela’s hydro resources and stranded gas look attractive on paper, but regulatory changes and enforcement actions have limited institutional participation.

Sector specialists list legal clarity, reliable grid infrastructure and investor confidence as conditions needed to attract large-scale mining projects. Petro’s proposal includes mechanisms for local and indigenous participation in energy and mining ventures. Converting Colombia’s renewable capacity into operational mining sites would require regulation, grid upgrades and investment agreements to be put in place.