Brazil, Venezuela Could Boost Latam Bitcoin Mining

Hashrate Index published “The State of Bitcoin Mining in Latin America (2026),” which highlights Paraguay’s current position and identifies Brazil and Venezuela as the most likely sources of new mining capacity in the region.

The report says Paraguay hosts about 43 exahashes per second (EH/s), roughly 4.3% of the global bitcoin hashrate, placing it fourth among countries. It records that Brazil increased its bitcoin hashrate by 133% year over year. Hashrate Index links that rise to new commercial arrangements allowing miners to contract directly with energy generators to secure generation-level tariffs and avoid distributor fees and surcharges.

Hashrate Index points to Brazil’s Sul region as attractive for mining because generation capacity there exceeds transmission capacity and industrial electricity rates are relatively low. The report notes miners colocated near generation sites can use power before it incurs transmission losses or is constrained by grid bottlenecks.

Venezuela records about 5 EH/s despite ongoing grid limitations. The report states: “What Venezuela has, and what no other country in Latin America has at the same scale, is a combination of stranded energy and an OFAC licensing framework that is already opening up the country’s energy.” It adds that the template for private capital entering Venezuela’s energy sector with OFAC authorization already exists, and bitcoin miners can leverage the same legal structure.

The report describes a regional structural issue in which energy generation in parts of Latin America often exceeds local transmission capacity, leaving usable power unserved. Where generation is stranded or curtailed, deploying mining equipment near plants can use electricity that would otherwise go unused.

Hashrate Index places the developments in Latin America within a global context where bitcoin mining remains concentrated in countries such as the United States, China and Russia. The report provides country-level data and analysis intended to help investors and operators evaluate opportunities tied to generation capacity, transmission constraints and national licensing regimes.