A new report on the state of Bitcoin mining in Latin America finds that the region has been slow to adopt Bitcoin mining despite its vast energy resources. Paraguay holds the fourth place in global hashrate, while the hashrate index ranks Brazil and Venezuela as the next countries.
Important points:
- The 2026 Hashrate Index report highlights the growth of mining in Latin America, noting that Paraguay holds 4.3% of the world’s hashrate.
- Brazil has seen a 133% year-on-year increase in Bitcoin hashrate as miners secure lower fees directly from energy generation companies.
- Future Venezuelan operations can tap into that potential by recovering stranded energy through an OFAC license.
Hashrate Index’s Latin America Bitcoin Mining Report Highlights the Potential of Brazil and Venezuela
The global share of Bitcoin mining hashrate is dominated by countries such as the United States, China, and Russia, but Latin America may be poised to become an even bigger player in this market.
According to Hashrate Index’s State of Bitcoin Mining in Latin America 2026 report, Paraguay ranks fourth in the country with the most Bitcoin hashrate with 43 EH/s and 4.3% of the world’s hashrate, while Brazil and Venezuela have the potential to grow and turn Latin America into a Bitcoin mining powerhouse.
Brazil, which has increased its share of hashrate by 133% year-on-year, has created new opportunities for miners as they can now negotiate and lock in rates directly with companies in the energy generation market, bypassing merchant fees and other surcharges.
While the report highlights that energy generation is outpacing electricity transmission, the Suru region, with its low industrial power prices, could become a Bitcoin mining haven for companies looking to enter the Bitcoin mining industry.
On the other hand, Venezuela still records 5 EH/s under current conditions, showing untapped potential. The report states:
“What Venezuela has, and what no other country of its size in Latin America has, is a combination of stuck energy and an OFAC licensing framework that is already opening up energy in this country.”
Due to deficiencies in the electricity grid, a large portion of the electricity generated cannot be transmitted to end consumers. Bitcoin mining operations deployed close to the source have the potential to capture bitcoins before they are lost in transit.
“A template already exists for private capital to enter Venezuela’s energy sector with OFAC approval. Bitcoin miners can take advantage of the same legal structure.” the report concluded.
