Hashrate Index: Brazil and Venezuela Show Potential to Grow Latam's Bitcoin Mining Share

A new report on the state of bitcoin mining in Latam found that the region is lagging in bitcoin mining adoption, even as it holds vast energy resources. While Paraguay holds the fourth place in global hashrate, Hashrate Index picked Brazil and Venezuela as the nations to follow.

Key Takeaways:

• A 2026 Hashrate Index report highlights Latam’s mining growth, noting Paraguay holds 4.3% of global hashrate.
• Brazil grew its Bitcoin hashrate by 133% YoY as miners secure lower tariffs directly from energy generators.
• Future Venezuela operations can leverage its potential by capturing stranded energy via OFAC licenses.

Hashrate Index’s Latam Bitcoin Mining Report Highlights Brazil’s and Venezuela’s Potential

While the global share of bitcoin mining hashrate is dominated by nations like the U.S., China, and Russia, Latam might be on the verge of becoming a larger player in this market.

According to Hashrate Index’s “The State of Bitcoin Mining in Latin America (2026)” report, while Paraguay has the fourth place of countries hosting the most bitcoin hashrate with 43 EH/s and 4.3% of the global hashrate, Brazil and Venezuela have the potential to grow and turn Latam into a Bitcoin mining superpower.

Brazil, which has increased its hashrate share by 133% year-over-year, has opened new opportunities for miners, as they can now negotiate directly with companies in the energy generation market to lock up tariffs, bypassing distributor tariffs and other surcharges.

While the report stresses that energy generation outpaces transmission, the Sul region, with its low industrial power rates, can become a bitcoin mining haven for companies seeking to enter the bitcoin mining industry.

Venezuela, on the other hand, shows an untapped potential, as it registers 5 EH/s even under the current conditions. 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,”

Due to deficiencies in the power grid, a large portion of the power generated cannot be transmitted to the final consumer. Bitcoin mining operations deployed near generation sources could capture it before it gets lost in transmission.

“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.