Colombian President Gustavo Petro has once again weighed in on the future of cryptocurrency mining, stressing that the industry must pivot toward renewable energy sources to avoid environmental disaster. His comments come as countries like Paraguay and Venezuela increasingly attract investment in the sector thanks to abundant green energy.
Petro took to social media to share his views, warning that if virtual currencies continue to rely on fossil fuels, the consequences could be severe. “If virtual currencies rely on fossil fuels, global warming and climate collapse will erupt,” he said. The president emphasized that the future of bitcoin mining has to be ecological, or else it risks worsening the climate crisis.
Green Energy as a Magnet for Mining
Petro highlighted that nations with untapped clean energy resources are already drawing bitcoin mining operations. Paraguay, for instance, holds the fourth largest hashrate in the world, trailing only behind powerhouses like the U.S., Russia, and China. Its competitive energy prices, ranging from $0.037 to $0.050 per kWh, are a direct result of the country’s vast hydroelectric resources from the Iguazu dam, one of the largest globally.
Venezuela, on the other hand, is not even in the top 10 for hashrate. The country recently banned bitcoin mining amid an energy crisis that has seen demand hit a nine-year peak. Yet, reports suggest there is still potential for mining operations near energy generation sources. This would allow miners to leverage power that cannot be easily transported due to infrastructure gaps.
Colombia as Untapped Territory
Interestingly, Colombia itself appears to be virgin territory for bitcoin mining. According to Hashrate Index’s report, “The State of Bitcoin Mining in Latin America (2026),” mining developments are occurring in Paraguay, Brazil, Bolivia, Argentina, Venezuela, and El Salvador. Colombia is notably absent from that list, which suggests the nation still lacks the necessary conditions for the industry to develop.
Petro, however, sees potential. He noted that mining could be a boost for regions like the Caribbean coast, mentioning cities such as Santa Marta, Riohacha, and Barranquilla. “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 concluded.
For now, the debate around fossil fuels and crypto mining continues. As more leaders weigh in, the push for greener alternatives seems likely to grow stronger.
