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Will Colombia thrive on BTC mining instead of cocaine exports?

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Colombia, which is notorious for producing and exporting cocaine, could instead be made visible in the world by organic BTC mining, according to local left-wing politician Gustavo Petro.

Gustavo Petro spoke about the status of El Salvador’s President Naiyba Bukele, who announced last Friday that his country had successfully started BTC mining with green energy from local volcanoes. Petro added to his tweet: “What if the Pacific coast used the waterfalls of the western mountains and used all this energy to mine cryptocurrencies instead of producing cocaine?”

The Colombian politician’s remarks were a bit confusing, but Latin American energy policy analyst Wesley Tomaselli told that it was clear from his words that Colombia might be interested in using its renewable green energy to mine cryptocurrencies.

“He is right that Colombia has great potential for BTC mining, because about three-quarters of its electricity production comes from hydropower. The problem is that Petro appears to be selling BTC mining as an alternative model for the country’s development in addition to coca cultivation and cocaine exports. That won’t work unless Petro has a magic wand. “

The United Nations says Colombia remains the world’s largest producer of cocaine, and large quantities of coca are grown on the Pacific coast, an essential ingredient in drug production. However, the Pacific environment is also an ideal source of green energy for rugged mountain geography and river systems.

However, mega-projects to be built in the area, even for cryptocurrency mining, could face resistance from ecologists who consider building factories in the area to be detrimental to local communities and natural ecosystems.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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