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 CenterHe 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
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 TemplateThe 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.
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 ActThere 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
