Petro warns fossil-fuel Bitcoin mining risks climate collapse

Colombian President Gustavo Petro warned that Bitcoin mining powered by fossil fuels could trigger global climate collapse and urged the industry to use renewable energy.

Petro posted on social media that “if virtual currencies rely on fossil fuels, global warming and climate collapse will erupt.” He noted countries with abundant clean power are attracting energy-intensive mining investment and suggested Colombia could develop projects in coastal cities to use local power supplies.

Paraguay has become a regional center for Bitcoin mining, holding the fourth-largest share of the global hashrate. The country’s hydroelectric dams have helped push wholesale electricity prices down to about $0.037 to $0.050 per kilowatt-hour, creating low-cost conditions for energy-heavy operations.

Venezuela has taken a different path. Officials there have banned Bitcoin mining amid an energy crisis that pushed electricity demand to a nine-year peak and disrupted mining activity.

Mining operations are often located near power plants when transmission networks are limited, allowing use of electricity that cannot be easily moved to population centers. The 2026 Hashrate Index report on Latin America lists activity in Paraguay, Brazil, Bolivia, Argentina, Venezuela and El Salvador and does not include Colombia.

Petro pointed to Santa Marta, Riohacha and Barranquilla as possible sites for renewable-powered mining and wrote that such projects “represent an immense boost to the development of the Caribbean region.”

Bitcoin mining uses specialized computers to validate transactions and create new coins, a process that consumes large amounts of electricity. Environmental concerns focus on mines that run on coal, natural gas or other fossil fuels because those operations increase carbon emissions.

Petro called for any expansion of mining in Colombia to run on renewable power to avoid adding to global emissions while supporting regional development.