Europe's largest producer of iron alloys, Zaporozhye Ferroalloy Plant (ZZF), is preparing to host the third crypto-farm of the Ukrainian oligarch.
Igor Kolomoisky has long been interested in cryptocurrency and is trying to make money from mining. In 2017, Kolomoisky invested $50 million in the Georgian mining farm Georgian Manganese, hoping to mine 50,000 BTC by 2021.
Another Kolomoisky crypto farm is equipped at an American steel mill in Kentucky. The plant, which had been smelting iron and silicon for 70 years, ceased its main activities in July of this year and fired its workers. Now its premises are adapted for cryptocurrency mining.
According to the journalistic investigation of “Scheme”, the Zaporozhye Ferroalloy Plant will become the oligarch’s third large farm.
Purchases of ASICs for ZZF began in February 2021. The first batch of 1,300 units was supplied through the Georgian company Georgian Manganese. In March, about 1,440 more miners from Bitfury arrived in Zaporozhye.
In April, ZZF received 12,000 units of ASICs from Bitmain worth $6 million from China. The plant received equipment in both April and May.
In parallel with the purchase of equipment, Kolomoisky ensured the supply of cheap electricity. At the Energoatom auction, its trader was able to purchase large volumes of electricity at a significant discount. One kWh was purchased for 1.15 hryvnia, instead of the original price of 1.4 hryvnia. The auction has already attracted the attention of the National Anti-Corruption Bureau (NABU), and the agency is conducting an investigation.
Journalists calculated that with round-the-clock operation of all the equipment assembled at the Zaporozhye plant, it is possible to mine about 80 bitcoins per month.
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