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One of the wealthiest oligarchs in Ukraine and a former governor in one of the country\u2019s regions are reportedly mining bitcoin in a factory located in the U.S.<\/strong><\/p>\n Per Radio Free Europe<\/a> (known also as Radio Liberty), Igor Kolomoisky is said to be using the facilities of a factory owned by CC Metals & Alloys (CCMA) in Kentucky to mine bitcoin (BTC<\/a>), allowing him to use cheap electricity prices. However, the plant shut down its ferrosilicon production operations back in July due to the coronavirus pandemic.<\/p>\n According to the report, despite most of the staff being expected to return to work at the end of the year, they were told that the rest of the staff would be fired, but the mining equipment will still be running within its facilities.<\/p>\n The 70-year-old factory is owned by Kolomoisky \u2014 who also has links<\/a> with Ukraine\u2019s current president, Volodymir Zelenskiy \u2014 and his business partner, Hennadiy Bogolyubov.<\/p>\n <\/ins> <\/ins> <\/p>\n Under the condition of anonymity, employees of the company told Radio Free Europe that one of the factory\u2019s warehouses is now filled with computers that \u201cmine\u201d cryptocurrencies.<\/p>\n CCMA is one of only three plants in the U.S. that produces ferrosilicon, an alloy of iron and silicon, used primarily in steelmaking to increase its strength.<\/p>\n Although the plant has been profitable since its foundation, employees said they believe the owners \u201cmismanaged the plant\u201d and tried to run it from Miami instead of running it on-site, reducing its portfolio. That\u2019s why the Ukrainian businessmen reportedly embarked on the crypto business, claimed employees.<\/p>\n The report adds that crypto mining operations work independently of the plant itself, and it has not been affected by the cuts.<\/p>\n Radio Free Europe said that the CCMA plant had invited a third party to install a computer center operating in its field of artificial intelligence and blockchain technology to diversify profits. Moreover, Kentucky is well-known for its low electricity costs<\/a>, making it a preferred destination for other crypto mining facilities.<\/p>\n But both Kolomoisky and Bogolyubov are also controversial figures in Ukraine, as they\u2019re under the investigation of the U.S. Department of Justice, who alleges<\/a> that the oligarchs fraudulently took billionaire loans from Privatbank in 2008-2016 and laundered these funds through front companies, including real state, steel and iron plants in the United States.<\/p>\n What do you think about these mining operations of the oligarch? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Controversial Ukrainian Oligarch Is Reportedly Mining Bitcoin in the US<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nUkrainian Businessmen Are Reportedly Running Crypto Mining Operations at US Factory<\/h2>\n
On-Site Operations Are Now Focused on Crypto Mining<\/h2>\n
Oligarchs Under Investigation<\/h2>\n