PANews reported on May 6th, citing Cointelegraph, that Colombian President Gustavo Petro stated that the country's Caribbean coast has the potential to become a Bitcoin mining hub, attracting foreign investment and boosting economic development by utilizing surplus renewable energy. Petro proposed building mining facilities in cities such as Barranquilla, Santa Marta, and Rio Acha, and suggested that the Wayúu, Colombia's largest indigenous community, become co-owners of the project. Petro's presidential term ends in August, and he will not participate in the presidential election on May 31st.

Paraguay, utilizing hydroelectric power from the Itaipu Dam, has become the fourth largest Bitcoin mining nation, accounting for 4.3% of the network's hashrate. A World Bank report shows that 75% of Colombia's electricity comes from renewable sources, more than double the global average.