Mexican Authorities Uncover Cryptocurrency Farm Suspected of Money Laundering
Mexican authorities have uncovered a large cryptocurrency mining farm in the Sierra Norte mountains of Puebla, suspected of money laundering. The operation was discovered after law enforcement officers noticed unusual electricity use and loud mechanical noise.
The farm, located near a hydroelectric power plant, contained 300 graphics processing units, 80 medium-voltage terminals, and eight satellite antennas. This is the fourth cryptocurrency farm found in the area since last year.
Crypto mining involves using powerful computers to create new digital assets, including Bitcoin. According to Chainalysis, the volume of illicit cryptocurrency activity worldwide more than doubled in 2022, with addresses linked to criminal activity receiving an estimated $154 billion in digital assets.
The discovery has raised concerns about the use of cryptocurrencies by organized crime groups in Mexico and Latin America. Energy analyst Samuel Leon said that access to cheap or illegally obtained electricity could make crypto mining an attractive tool for these groups.