Colombian President Gustavo Petro has taken to social media to issue a stark warning: if cryptocurrency mining continues to rely on fossil fuels, global warming and climate collapse are inevitable. He stressed that the future of Bitcoin mining must be ecological, and pointed to countries with abundant clean energy such as Paraguay and Venezuela as attractive destinations for mining investments.
Petro’s Warning: Fossil Fuels Trigger ‘Climate Collapse’
Petro stated bluntly: “If virtual currencies rely on fossil fuels, global warming and climate collapse will erupt.” While Bitcoin mining itself produces no direct emissions, its carbon footprint depends entirely on the energy source. Petro urged a shift toward renewables to avoid turning mining into an environmental catastrophe.
Paraguay: Hydro Power Drives Fourth-Largest Global Hashrate
Thanks to the vast hydroelectric resources of the Itaipu Dam, Paraguay offers some of the most competitive industrial electricity rates in Latin America — between $0.037 and $0.050/kWh. This has lured major mining operations, and according to Hashrate Index’s “The State of Bitcoin Mining in Latin America (2026)” report, Paraguay now holds the fourth-largest hashrate in the world, trailing only the U.S., Russia, and China. Low-cost hydropower has made Paraguay a Latin American mining powerhouse.
Venezuela: Mining Ban Amid Energy Crisis, Yet Untapped Potential
In contrast, Venezuela recently banned Bitcoin mining due to a severe energy crisis that saw electricity demand hit a nine-year peak. Despite the ban, reports indicate that mining operations located near generation sources could still leverage power that cannot be transmitted because of inadequate infrastructure. Petro specifically highlighted Venezuela’s potential, noting its untapped clean energy could support mining.
Petro’s Proposal: Three Caribbean Cities as Mining Pilots
Petro suggested that three Colombian Caribbean cities — Santa Marta, Riohacha, and Barranquilla — could become mining hubs. “Bitcoin mining is the method by which an individual, using powerful computers, can accumulate Bitcoin through virtual transactions. This could be the case for Santa Marta, Riohacha, and Barranquilla… it represents an immense boost to the development of the Caribbean region,” he said. However, no concrete government plan or incentives have been announced.
Colombia Missing from the Mining Map
Despite Petro’s optimism, the Hashrate Index report does not mention Colombia at all. This means the country is essentially virgin territory for industrial Bitcoin mining, lacking the power infrastructure, regulatory clarity, and investment climate that have made Paraguay, Brazil, Argentina, Bolivia, Venezuela, and El Salvador the current focus in Latin America. Colombia faces an uphill battle to join the regional mining race.
Petro’s remarks reflect a growing recognition among Latin American leaders that cryptocurrency mining can be aligned with green energy goals — but for Colombia, turning rhetoric into reality will require overcoming daunting infrastructural and economic hurdles.