Paraguay now controls 4.3% of the global Bitcoin network — a figure that caught the attention of Colombia’s president and may be shaping the country’s next big energy bet.
An Indigenous Community At The Center
Colombian President Gustavo Petro went public this week with a proposal to turn the country’s Caribbean coast into a Bitcoin mining hub, citing Paraguay’s rise as proof the model works for developing nations.
In a post on X, Petro named three cities — Barranquilla, Santa Marta, and Riohacha — as potential sites for mining operations.
He also put forward an unusual condition: that the Wayúu people, Colombia’s largest Indigenous community and long-time residents of the Caribbean coast, be made co-owners of any such project.
“It’s an immense boost to the development of the Caribbean,” Petro wrote.
Si las monedas virtuales se basan en energía fósil estalla el calentamiento mundial y el colapso climático
Hoy los países con abundantes energías limpias encerradas como Venezuela y Paraguay, logran atraer las inversiones en minería del bitcoin. La.minería del bitcoin es el... https://t.co/KroCrG9qkD
— Gustavo Petro (@petrogustavo) May 5, 2026
The proposal draws on Colombia’s existing energy profile. According to World Bank data published in April 2024, the country generates about 75% of its electricity from renewable sources — more than twice the global average.
Petro argued that tapping those clean energy supplies for Bitcoin mining would sidestep the environmental concerns he has raised about fossil fuel-powered mining operations.
Paraguay’s Rise Sets The Template
The Paraguay comparison is central to Petro’s pitch. The landlocked South American country 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 at Hashlabs have said the mining industry can deliver meaningful economic impact to emerging countries by converting surplus electricity into a cash-generating export.
That opening is growing. US commercial miners are increasingly shifting focus toward artificial intelligence and high-performance computing, where profit margins are higher.
Reports indicate that shift is leaving room for countries with low electricity costs to capture a bigger slice of the global Bitcoin network.
A Short Window To Act
There is one major constraint hanging over Petro’s plan. His presidential term ends in August, giving him roughly three months to move the proposal forward. He is barred by Colombia’s constitution from seeking re-election. Colombia holds its next presidential election on May 31.
Featured image from Unsplash, chart from TradingView
