Mexico Unravels Crypto Mining Farm Behind $817 Million Power Theft

Mexican authorities have cracked down on a large cryptocurrency mining operation in Puebla, exposing widespread electricity theft. The investigation, which began when officials found around 300 specialized computers near the Nuevo Necaxa hydroelectric complex, has raised concerns about organized power pilfering.

The facility, located in Tlaola and operating since at least January, included GPUs, transformers, medium-voltage terminals, and satellite internet equipment. Authorities discovered a significant unauthorized power connection near federal hydroelectric infrastructure, which likely contributed to the operation's exposure.

Cryptocurrency mining itself remains legal in Mexico, but authorities are focusing on the alleged theft of electricity used to power the operation. The investigation has joined forces with Mexico's Federal Electricity Commission, Attorney General's Office, and Navy, sparking concerns about potential money laundering linked to digital assets produced by the facility.