Mexico seizes 300 cryptocurrency mining machines suspected of illegally connecting to a hydroelectric plant's power supply system

Odaily Planet Daily News: Mexico's federal prosecutors, navy, and Puebla state police seized approximately 300 cryptocurrency mining machines in the mountainous northern area of Tlaola, Puebla. The operation also uncovered transformers, medium-voltage cable terminals, and functional satellite internet antennas. The electricity at the site was suspected to have been illegally drawn from federal hydroelectric facilities powered by the Nuevo Necaxa Dam.

Cryptocurrency mining itself is legal in Mexico, but prosecutors are preparing to file charges for electricity theft. Puebla's Secretary of Security, Francisco Sánchez, stated that investigators tracked down local illegal mining leads due to the site's proximity to the Nuevo Necaxa Dam and discovered a large-scale power connection.

Money laundering suspicions have not been ruled out, as forensic accountants are tracing the source of funds for the mining machines, and the state government is also reviewing whether the related output was used to launder criminal proceeds. The Federal Electricity Commission of Mexico has joined the investigation. From January to July 2024, non-technical losses caused by electricity theft, meter tampering, and illegal connections amounted to approximately 6.346 billion kilowatt-hours, valued at around 1.38 billion pesos. (Decrypt)