TLDR:
- Mexican police seized 300 GPUs and 80 medium-voltage terminals at a hidden crypto mining site in Puebla.
- Illicit crypto transactions worldwide surged past $154 billion in 2025, more than double 2024’s total.
- Cartels increasingly target cheap or stolen electricity to cut costs and scale mining operations.
- Mining one bitcoin now costs nearly $45,000, still leaving wide profit margins at current prices.
Crypto mining operations are increasingly becoming tools for organized crime in Latin America, according to blockchain analytics firm Chainalysis.
Mexican authorities recently uncovered a suspected illicit crypto mining site in the mountainous Tlaola area of Puebla state, seizing hundreds of graphics processing units, medium-voltage terminals, and satellite antennas.
The discovery marks the fourth similar operation found in the region since early 2025. It points to a growing pattern of criminal groups exploiting virtual currency mining for financial gain.
Hidden Mining Site Uncovered in Puebla Mountains
Authorities in Puebla state found the crypto mining farm tucked into the lush, remote mountains of the Sierra Norte region. The site held 300 graphics processing units, 80 medium-voltage terminals, and eight satellite antennas.
These tools were built to compete against other machines worldwide to solve puzzles and generate new coins. Officials are now investigating whether the operation stole electricity from a nearby hydroelectric dam to power its equipment.
Security analyst David Saucedo said the operation showed “drug cartels appear to have reached a new level of sophistication.”
He noted that only a well-funded group, such as one of Mexico’s major cartels, could likely back such infrastructure. Mexico’s federal attorney’s office declined to comment, citing an ongoing investigation.
Residents living near the site told Reuters they could hear the mechanical whirring from roughly one kilometer away. The crypto mining farm sat about twice that distance from the nearest village.
Three other similar sites were found last year close to the same hydroelectric dam in northern Puebla. Local authorities are now working with neighboring states to check for further hidden mining operations nearby.
Cartels Use Crypto Mining to Launder Illicit Funds
Illicit cryptocurrency transactions worldwide more than doubled in 2025, reaching an estimated 154 billion dollars. That figure is up sharply from 59 billion dollars the previous year, per Chainalysis data.
The firm linked much of this jump to a rise in transactions tied to sanctions evasion, including payments connected to sanctioned governments and their networks.
Caio Motta, Chainalysis’s Latin American specialist, said cartels often target areas with cheap electricity or organized crime influence. This allows groups to steal power outright and build large crypto mining infrastructure at minimal cost.
Electricity remains the largest expense in crypto mining, and energy prices continue climbing each year. The University of Cambridge’s Bitcoin Electricity Consumption Index puts the cost of minting one bitcoin near 45,000 dollars. At current prices near 78,000 dollars per coin, that still leaves a wide profit margin for operators.
Similar crypto mining raids have occurred in Brazil, the United States and Southeast Asia, including a large operation across five Thai provinces.
Motta expects crypto-related crime to keep climbing as virtual currencies become easier to access globally. Still, he added that law enforcement agencies are steadily improving their ability to trace and disrupt these illicit networks.
