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While the global share of bitcoin mining hashrate is dominated by countries such as the U.S., China and Russia, Latin America may be poised to play a larger role in the market. Hashrate Index’s “The State of Bitcoin Mining in Latin America (2026)” report highlights Paraguay’s current position and points to growth opportunities for Brazil and Venezuela.
Paraguay ranks fourth among countries hosting bitcoin hashrate, with 43 EH/s and 4.3% of the global hashrate.
The report says Brazil has the potential to expand its role significantly. It has increased its hashrate share by 133% year-over-year, indicating momentum in mining activity.
Hashrate Index also notes that Brazil has opened new opportunities for miners to secure energy costs. Miners can negotiate directly with companies in the energy generation market to lock in tariffs, which the report says can help them bypass distributor tariffs and other surcharges.
The report further emphasizes that energy generation can outpace transmission capacity. It identifies Brazil’s Sul region as a potential “haven” for bitcoin mining, citing low industrial power rates that could attract companies looking to enter the sector.
Venezuela is presented as another market with untapped potential. It currently registers 5 EH/s even under existing conditions.
“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,”
The report links this potential to power grid deficiencies, which leave a portion of generated electricity unable to reach end consumers. It argues that bitcoin mining operations deployed near generation sources could capture that electricity before it is lost in transmission.
Hashrate Index also states that a pathway for private capital to enter Venezuela’s energy sector with OFAC authorization already exists, and that bitcoin miners could use a similar legal structure.
“The template for private capital entering Venezuela’s energy sector with OFAC authorization already exists. Bitcoin miners can leverage the same legal structure,” the report concluded.
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