Mexican Cartels Expand into Crypto Mining as Laundering Channel

Mexican authorities have dismantled a clandestine cryptocurrency mining operation in the mountains of Puebla, seizing over 300 graphics cards and equipment worth millions. The facility was found to be running on stolen electricity, with residents reporting that they could hear the transformers and cooling equipment from nearly a kilometer away.

The operation is part of a larger trend, with security analysts noting that cartels are increasingly using crypto mining as a way to launder money. The Jalisco New Generation Cartel and Sinaloa Cartel have been linked to such operations, with estimates suggesting that the use of crypto mining for laundering in Mexico rose by at least 55.8% last year.

The Puebla raid adds to a growing crackdown on unlicensed energy-intensive mining across the region. Similar facilities have been raided in countries like Uruguay and Thailand, highlighting the global nature of this issue.