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Kolomoisky mines bitcoins at Zaporizhzhia Ferroalloy Plant—Schemes

Kolomoisky bought electricity from the state for cheap, and then equipped a large crypto-farm at the ZFP—investigation. Photo: UNIAN

Kolomoisky bought electricity from the state for cheap, and then equipped a large crypto-farm at the ZFP—investigation. Photo: UNIAN

The Zaporizhzhia Ferroalloy Plant (ZFP) that is associated with the oligarch Ihor Kolomoisky purchased equipment for mining cryptocurrencies for 750 million UAH. Prior to that, another company from his orbit—United Energy—bought electricity from the state-owned Energoatom at a cheap price. As the journalists of the TV program Schemes have estimated, in this regard, the operator of all working nuclear power plants in Ukraine could receive less than 3 billion UAH.

The investigation revealed that the ZFP got more than 15,000 units for mining cryptocurrencies, most likely bitcoins. Some of them were brought into Ukraine from Georgia and China through the Black Sea fishing port (also controlled by Kolomoisky's group Privat).

According to preliminary estimates, if one turns on all the equipment obtained, the plant will be able to generate about 80 bitcoins per month (at today's exchange rate, this is equivalent to $3.86 million or 104.7 million UAH).

In December last year, United Energy purchased a large amount of electricity at an auction from Energoatom-Trading at a price of 1.15 UAH per kilowatt instead of the initial cost of 1.4 UAH. Since the beginning of the year, United-Energy has provided the purchased electricity to the Zaporizhzhia and other enterprises associated with Kolomoisky.

Pavlo Kravchenko, the head of the ZFP, confirmed the purchase of equipment and devices of the crypto farm but added that it had not yet been launched. He explained that the decision to install mining capacities was made amid the lack of sales of basic products to generate additional income. Moreover, he stressed that the plant did not have cheap electricity.

Context. On November 5, President Volodymyr Zelenskyy signed a law on deoligarchisation. According to the text of the document, a register of oligarchs will be created. The decision to include persons in it will be made by the NSDC. The law is limited to 10 years. It should become the basis of antitrust and anti-lobbying laws.

The Ministry of Justice reported that in connection with the entry into force of the law on deoligarchisation (No. 1780-IX), the oligarchs must be formalized or get rid of the signs that define them as oligarchs within 180 days.

The National Security Council will define the first oligarchs in May next year.

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