Mexican authorities uncovered a suspected illegal crypto mining operation in the mountainous Tlaola area of Puebla state, seizing 300 graphics processing units, 80 medium-voltage terminals, and eight satellite antennas. The discovery marks the fourth similar operation found in the region since early 2025.
The mining farm was located in the Sierra Norte region, roughly two kilometers from the nearest village. Residents nearby reported hearing mechanical noise from approximately one kilometer away. Investigators are examining whether the operation obtained electricity from a nearby hydroelectric dam to power its equipment.
According to blockchain analytics firm Chainalysis, the operation demonstrates growing sophistication among criminal groups exploiting cryptocurrency mining for financial gain. Mexico's federal attorney's office declined to comment, citing the ongoing investigation.
Rising trend across Latin America and beyond
Three other similar mining sites were discovered last year near the same hydroelectric dam in northern Puebla. Local authorities are coordinating with neighboring states to search for additional hidden operations. Similar raids have occurred in Brazil, the United States, and Southeast Asia, including a large operation spanning five Thai provinces.
Economics of illicit mining
Electricity represents the largest expense in crypto mining operations. According to the University of Cambridge's Bitcoin Electricity Consumption Index, the cost of mining one bitcoin currently approaches $45,000. At current market prices near $78,000 per coin, this leaves substantial profit margins for operators.
Chainalysis's Latin American specialist noted that criminal groups typically target areas with cheap electricity or where they have organizational influence, allowing them to steal power and build large-scale infrastructure at minimal cost.
Global illicit crypto surge
Illicit cryptocurrency transactions worldwide surged past $154 billion in 2025, more than double the $59 billion recorded in 2024, according to Chainalysis data. Much of this increase is linked to sanctions evasion, including transactions connected to sanctioned governments and their networks.
Chainalysis expects crypto-related crime to continue rising as virtual currencies become more accessible globally. However, law enforcement agencies are steadily improving their ability to trace and disrupt illicit networks.
