BlockBeats News, May 6th - Colombian President Gustavo Petro stated in a social media post on Tuesday that cities on the country's Caribbean coast such as Barranquilla, Santa Marta, and Riohacha have the potential to become Bitcoin mining centers. He proposed that the abundant local renewable energy could attract foreign investment and drive economic development.

Petro suggested that Colombia's largest indigenous community, the Wayúu, could be co-owners of the projects. He pointed out that a similar model has been successful in Venezuela and Paraguay. Paraguay, leveraging its hydroelectric resources from the Itaipu Dam, currently accounts for 4.3% of the Bitcoin hash rate, making it the world's fourth-largest Bitcoin mining country after the United States, Russia, and China.

A World Bank report from April 2024 revealed that 75% of Colombia's electricity is sourced from renewable energy, more than double the global average. Petro believes that utilizing this clean energy can help alleviate concerns about global warming previously exacerbated by its reliance on fossil fuel mining.

It is worth noting that Petro's presidential term will end in August this year, and due to constitutional limits, he will not be running in the election on May 31st. The frontrunners to succeed him have not made significant public comments on Bitcoin or digital assets.