Colombia Seeks to Mine Bitcoin Using Surplus Renewable Energy From Country's Coastline

Colombia's President Gustavo Petro has said that the country's coastline holds potential in transforming itself into a Bitcoin mining hub, utilising its surplus renewable energy, which attracts foreign investment and spurs economic growth. The President said in a post on X that the Caribbean cities such as Barranquilla, Santa Marta, and Riohacha could host Bitcoin (BTC) mining operations, harnessing the country's clean energy sources, following the suit of Venezuela and Paraguay in recent years. Analysts of Bitcoin mining, like Hashlabs managing partner Jaran Mellerud, have said the industry can have a sizeable economic impact on emerging countries looking to turn unused electricity into cash flow.

Using Renewable Energy for Bitcoin Mining  

It also creates an opportunity for countries with cheap electricity to take a bigger share of the Bitcoin network hashrate as US commercial miners continue to migrate to AI and high-performance computing for higher-margin opportunities. The President's remarks followed a post by Luxor Technology's Alessandro Cecere stating that Paraguay's share of global Bitcoin hashrate has increased to 4.3 percent since it received access to hydroelectric energy from its Itaipu dam. 

After the US, Russia, and China, the South American country is now the fourth-largest Bitcoin mining country by hashrate. As per a report published by the World Bank in 2024, Colombia generates as much as 75 percent of its electricity from renewable sources, which is twice the global average.

Tapping these renewables would ease the country's concerns that Bitcoin mined using fossil fuels is contributing to global warming and a possible “climate collapse.” 

Colombia's President has always been neutral on Bitcoin and the crypto industry since he started his tenure as the president of Colombia in August 2022. He has another three months to lead the Bitcoin mining initiative before his tenure comes to an end in August. Furthermore, he won't be able to run in Colombia's forthcoming presidential election on May 31 due to constitutional limits. 

Except for Colombia, Bhutan is another country that has adopted Bitcoin mining and crypto payments as its daily transaction medium. In October 2025, the country migrated its national digital identity system from Polygon to Ethereum, covering nearly 800,000 residents. This system will be the world's first national ID implementation on Ethereum, enabling citizens to access government services and authenticate themselves on a public decentralised blockchain.