Ukrainian oligarch Ihor Kolomoyskyi invested in a Georgian mining farm in 2017. This information was provided by his lawyers to a London court as part of PrivatBank’s lawsuit.
According to the information obtained, in June 2017 Kolomoyskyi agreed to invest in a mining farm in Georgia worth $50 million. The project involved local companies Georgian Manganese LLC and Vartsikhe 2005 LLC.
The oral agreement provided that, if the farm mined 50,000 BTC, Kolomoyskyi would receive a smaller share. It was anticipated that the price of Bitcoin would rise from $2,500 in June 2017 to $20,000 by 2021.
The plan was to mine Bitcoin worth roughly $1 billion.
If by January 2021 the mining operation yielded less than 50,000 BTC, the available cryptocurrencies were to be split between Kolomoyskyi and one of his partners in a 90/10 ratio. The timing of when Kolomoyskyi would receive his coins was not agreed.
The mining farm ceased operations in September 2019. By that time, 3,533 BTC had been mined.
According to Kolomoyskyi’s lawyers, he now owns no more than 1,000 BTC.
According to media reports, a data centre has appeared within the CC Metals & Alloys steel plant in Kentucky, owned by Kolomoyskyi and his business partners, where a third party is mining cryptocurrencies .
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