Cartels Mine Crypto with Stolen Power, Raided Again in Mexico
Police in Mexico's Sierra Norte region have raided another clandestine cryptocurrency mining operation, uncovering a site with 300 graphics processing units, 80 medium-voltage terminals, and eight satellite antennae. The farm was suspected of using stolen power from a nearby hydroelectric dam to mine virtual coins, erasing the single largest cost of mining.
The latest raid is the fourth such discovery in the area since last year, with authorities investigating whether the operation drew power from the nearby dam. Chainalysis estimates that addresses linked to criminal activity received around $154 billion in 2025, up from roughly $59 billion the previous year.
David Saucedo, a Mexico-based security analyst, said that building such an operation requires technical expertise and the backing of a well-financed group, indicating one of the country's most powerful cartels is involved. The University of Cambridge's Bitcoin Electricity Consumption Index puts the cost of producing one bitcoin at close to $45,000.