Colombian President Says Bitcoin Mining Could Transform the Country's Caribbean Coast

Odaily Planet Daily News – Colombian President Gustavo Petro stated that the country's Caribbean coastal region has the potential to become a hub for Bitcoin mining, leveraging its surplus renewable energy to attract foreign investment and stimulate economic growth. On Tuesday, Petro posted on X, suggesting that Caribbean cities like Barranquilla, Santa Marta, and Riohacha could establish Bitcoin mining facilities and utilize the nation's clean energy, following the examples of Venezuela and Paraguay in recent years. Bitcoin mining analysts, such as Hashlabs Managing Partner Jaran Mellerud, noted that the industry could have a significant economic impact on emerging countries looking to convert unused electricity into cash flow. As U.S. commercial miners increasingly expand into artificial intelligence and high-performance computing to seek higher profit opportunities, countries with low electricity costs also have the chance to secure a larger share of Bitcoin network hash power. Petro's remarks were in response to a post by Alessandro Cecere of Luxor Technology. Cecere pointed out that since Paraguay began utilizing hydroelectric power from its Itaipu Dam, the country's share of Bitcoin hash power has risen to 4.3%. This small, landlocked South American nation is now the fourth-largest Bitcoin mining country, following the United States, Russia, and China. (Cointelegraph)