{"id":37066,"date":"2021-02-26T10:27:28","date_gmt":"2021-02-26T08:27:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=37066"},"modified":"2025-08-29T09:38:39","modified_gmt":"2025-08-29T06:38:39","slug":"oligarch-ihor-kolomoyskyi-invested-50-million-in-a-georgia-based-mining-farm-in-2017","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/oligarch-ihor-kolomoyskyi-invested-50-million-in-a-georgia-based-mining-farm-in-2017\/","title":{"rendered":"Oligarch Ihor Kolomoyskyi invested $50 million in a Georgia-based mining farm in 2017"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Ukrainian oligarch Ihor Kolomoyskyi <\/span><a href=\"https:\/\/www.bailii.org\/cgi-bin\/format.cgi?doc=\/ew\/cases\/EWHC\/Ch\/2021\/403.html&#038;query=ukraine#disp3\"><span style=\"font-weight: 400;\">invested<\/span><\/a><span style=\"font-weight: 400;\"> in a Georgian mining farm in 2017. This information was provided by his lawyers to a London court as part of PrivatBank&#8217;s lawsuit.<\/span><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The plan was to mine Bitcoin worth roughly $1 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The mining farm ceased operations in September 2019. By that time, 3,533 BTC had been mined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Kolomoyskyi&#8217;s lawyers, he now owns no more than 1,000 BTC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to media reports, a data centre has appeared within the CC Metals &#038; Alloys steel plant in Kentucky, owned by Kolomoyskyi and his business partners, where <a href=\"https:\/\/forklog.com\/en\/news\/media-oligarch-kolomoisky-organised-bitcoin-mining-at-a-us-plant\"> a third party is mining cryptocurrencies <\/a>.<\/span><\/p>\n<p>Subscribe to ForkLog News on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ukrainian oligarch Ihor Kolomoyskyi invested in a Georgian mining farm in 2017. His lawyers provided this information to a London court as part of PrivatBank&#8217;s lawsuit.<\/p>\n","protected":false},"author":1,"featured_media":37067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,389,16],"class_list":["post-37066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-georgia","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=37066"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37066\/revisions"}],"predecessor-version":[{"id":37068,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37066\/revisions\/37068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/37067"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=37066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=37066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=37066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}