Paraguay now controls 4.3% of the global Bitcoin network – a figure that has caught the attention of the Colombian president and may mark the country’s next big energy bet.
Indigenous community at the centre
Colombian President Gustavo Petro came out publicly this week with an offer to transform the country’s Caribbean coast into a Bitcoin mining hub, citing the rise of Paraguay as evidence of the model’s success in developing nations.
In a post on X, Petro identified three cities – Barranquilla, Santa Marta and Riohacha – as potential sites for Mining operations.
He also put forward an unusual condition: that the Wayuu people, Colombia’s largest indigenous community and long-time residents of the Caribbean coast, would become co-owners of any such project.
“This is a huge boost to the development of the Caribbean,” Petro wrote.
If virtual currencies depend on fossil energy, global warming and climate collapse will explode
Today, countries with an abundance of clean energy, such as Venezuela and Paraguay, have been able to attract investments in Bitcoin mining. Bitcoin mining is… https://t.co/KroCrG9qkD
-Gustavo Petro (@petrogustavo) May 5, 2026
The proposal is based on Colombia’s current energy profile. According to World Bank data published in April 2024, the country generates about 75% of its electricity needs from Renewable sources – More than double the global average.
Petro argued that exploiting clean energy supplies to mine Bitcoin would avoid the environmental concerns he raised about fossil fuel-powered mining operations.
Paraguay’s rise sets the model
Comparisons with Paraguay are key at Estadio Petro. The landlocked South American country has tapped hydroelectric power from the Itaipu Dam and, based on reports, now ranks fourth globally in Bitcoin mining hashrate – behind only the US, Russia and China.
Analysts in Hushlaps He said the mining industry could make a meaningful economic impact in emerging countries by converting surplus electricity into a cash-generating export.
And this openness is growing. Commercial miners in the United States are increasingly shifting their focus toward artificial intelligence and high-performance computing, where profit margins are higher.
Reports indicate that this shift leaves room for countries with lower electricity costs to capture a larger slice of the global Bitcoin network.
Short window of action
There is one major obstacle to Petro’s plan. His presidential term ends in August, giving him nearly three months to move forward with this proposal. The Colombian Constitution prohibits him from seeking re-election. Colombia holds its next presidential elections on May 31.
Featured image from Unsplash, chart from TradingView
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