The billionaire, who has been feuding with Ukrainian government over PrivatBank, set up a mining business back in February when his Zaporizhzhia iron ore factory secured 15,000 mining blocks. According to ‘Skhemy’ report, mining hardware came from China and Georgia.
Rough estimates show that the mining farm, as soon as it gets off the ground, can get Kolomoiskyi 50 BTC monthly, which amounts to $4 million.
The biggest operating expense for cryptocurrency mining is electricity, but Kolomoiskyi took care of it. His Zaporizhzhia mining farm will reportedly enjoy low energy bills as earlier this year one of his energy companies secured energy supplies with state ‘Energyatom’ company through state-held auction.
The energy auctions caught an eye of state prosecutors who cried foul and now are investigating the dubious practice Kolomoiskyi benefited from while officials are grieving over billions in losses.
Zaporizhzhia iron ore factory director though offered a more business-like explanation arguing ‘This is done in order to be able to make money. To make profit when there are no sales of our main products. We do not yet have the opportunity to start it, because the equipment must be prepared for it to work’.