Ukrainian Oligarch Mining Bitcoins in a Closed Kentucky Steel Plant

Kentucky-based steel plant, CC Metals & Alloys (CCMA), owned by Ukrainian oligarch, Ihor Kolomoisky and his business partner, Hennadiy Bogolyubov, is mining Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in the premises of the now-closed plant, RadioSvoboda.org reported.

The 70-year-old steel plant closed its core operations in July and laid-off workers. However, it is now mining cryptocurrencies to generate alternate revenue.

A worker of the steel plant said that an entire warehouse of the steel plant was converted into a data center with the installation of computers. Another employee confirmed that computers were brought there ‘in whole trucks’ to set up the data center.

The warehouse is estimated to have hundreds, if not thousands, of computers that are mining digital currencies day and night.

Diversifying Revenue with Crypto

Despite the shift from the production of steel to digital currencies, the plant is yet to pause its workforce reduction plans. Indeed, maintaining a data center mining cryptocurrencies does not need that many workers.

CCMA’s move towards cryptocurrencies was signaled in July when the plant invited a third-party to install computer centers, thus diversifying its profits by jumping into artificial intelligence and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

“Both artificial intelligence and the blockchain are high-energy industries and are expected to grow exponentially in the next decade, reaching a market of $ 20 billion,” a company spokesperson said. “Based on the success of the first pilot program, we can expand this line of business. It is prudent for the CCMA to have many sources of income.”

Furthermore, the report highlighted the recent influx of several cryptocurrency mining companies in the United States’ Tennessee Valley due to the abundance of cheap electricity. CCMA is only one of around five major crypto mining operations in the region.

Meanwhile, Kolomoisky and Bogolyubov are facing a civil lawsuit in the US for funneling billions of dollars into the country after acquiring a falsified loan in Ukraine. However, the oligarchs denied all the allegations.