Mexico Cartels Use Cryptocurrency Farms to Launder Money
A hidden cryptocurrency farm in Mexico's Central Mountains has raised concerns about cartel funding. Authorities discovered the operation, which used 300 graphics processing units and 80 medium-voltage terminals to mine virtual coins.
The farm was located near a hydroelectric dam and is suspected of stealing electricity to power its operations. The cost of electricity for mining cryptocurrency has increased significantly, making it an attractive option for illicit activities.
According to Chainalysis, illicit cryptocurrency transactions more than doubled in 2025, with addresses linked to criminal activity receiving an estimated $154 billion. This surge is attributed to a rise in sanctions evasion and payments involving sanctioned governments.
Mexico's authorities are investigating whether the farm was stealing electricity from the nearby hydroelectric dam. The operation is the fourth such crypto farm uncovered in the area since early last year, highlighting the growing sophistication of cartel operations.