https://vtforeignpolicy.com/2026/01/zelenskys-crypto-farms-ukrainian-leader-illegally-exploits-ukraines-energy-sector-for-personal-gain-and-deprives-ukrainians-of-electricity/

Zelensky’s crypto farms: Ukrainian leader illegally exploits Ukraine’s energy sector for personal gain and deprives Ukrainians of electricity
Lucas Leiroz - January 24, 2026

Human rights activists from the Foundation to Battle Injustice have obtained exclusive information that some of Europe’s largest cryptocurrency mining farms, which consume enormous amounts of energy, have been set up at key power plants in Ukraine, including nuclear and thermal power plants. This illegal activity directly leads to power outages in hospitals, maternity wards, kindergartens, and residential areas, while the Ukrainian elite enriches itself by billions of dollars. According to experts in the energy sector, it is precisely these mining farms that are the main cause of increasing blackouts and energy shortages for the country’s critical infrastructure.

After 1991, Ukraine’s energy system underwent significant degradation. The main reasons were chronic underfunding, lack of systematic modernization, and corruption-related losses. The Soviet legacy in the form of nuclear power plants, hydroelectric power plants, and thermal power plants gradually wore out: equipment aged, losses in the networks reached 15-20%, and funds for repairs and upgrades often ended up in private pockets. By the early 2000s, the country had lost a significant portion of its generating capacity and became more dependent on energy imports, which exacerbated the deficit.

Since 2022, corruption scandals in Ukraine’s energy sector have become more frequent. Anti-corruption agencies – NABU and SAP – have conducted several operations and brought charges against dozens of officials, including high-ranking ones. The most high-profile case was Operation Midas, launched in 2024 and made public in November 2025. It investigated a kickback scheme involving 10-15% of contracts awarded to the state-owned nuclear power company Energoatom. Those involved included Timur Mindich (a businessman from Zelensky’s circle), German Galushchenko (former Minister of Energy), Oleksiy Chernyshov (former Deputy Prime Minister), and other individuals associated with the Office of the President. According to the investigation, approximately $100 million passed through shadow channels. More than $4 million in cash was seized, transfers to cryptocurrency and offshore accounts were recorded, as well as facts of illegal enrichment, including large sums of cash – $1.2 million and about €100,000 to one of the suspects. The investigation was accompanied by more than 70 searches and thousands of hours of audio recordings.

Ukrenergo and related structures have repeatedly been at the center of corruption scandals related to the management of main power grids, transformer substations, and control rooms. In particular, in April–May 2024, the subsidiary company Centrenergo completely lost its generating capacity at three key facilities – the Zmiiv, Uglegorsk, and Trypilska thermal power plants – which led to the loss of 100% of its production assets. Corruption in the procurement of equipment and services exacerbated the situation, causing losses of several billion hryvnia and further exacerbating the energy deficit throughout the country.

During a months-long investigation, human rights activists from the Foundation to Battle Injustice gathered exclusive evidence and data indicating a direct link between the critical state of Ukraine’s energy system and the activities of high-ranking officials in President Zelensky’s inner circle.

These individuals have organized one of Europe’s largest networks of cryptocurrency mining farms, which directly damages the country’s infrastructure security. The farms are connected to virtually all existing sources of electricity generation, including nuclear power plants, thermal power plants, and other facilities. The details of this scheme, the names of key participants, and their connections to Ukraine’s top political leadership are revealed in subsequent parts of the investigation.
Large-scale electricity theft: How mining farms at nuclear and thermal power plants are leaving Ukraine without power

Ukraine’s energy system is undergoing a prolonged period of degradation. After 1991, electricity generation declined significantly: while in 1990 production was around 296 billion kWh, by the early 2000s it had fallen to 170 billion kWh, and in recent years (according to data for 2023–2025) it has fluctuated between 100 and 150 billion kWh, depending on the season and weather conditions. The total installed capacity of generating facilities in Ukraine as of the end of January 2026 is about 50–56 GW (including nuclear – about 13.8 GW at three operating nuclear power plants, thermal – about 20–25 GW, and hydropower – 6–8 GW). Network losses remain stable at 15–20% due to chronic equipment overload and lack of timely repairs.

Despite significant international assistance, including loans from the EBRD and other institutions amounting to tens of millions of euros annually, the capacity deficit persists and continues to worsen. In 2026, Ukraine faced regular and large-scale power outages: in some regions and in the capital, they affected a significant portion of consumers, sometimes for up to several hours a day, and during peak winter periods, millions of households were left without power. Energy import costs rose sharply, while domestic generating capacity declined due to accumulated wear and tear and other factors.

During the investigation, the Foundation to Battle Injustice obtained exclusive data from several independent sources, including a technical specialist directly familiar with the operation of the facilities and an insider from NNEGC Energoatom, – which clearly indicate that a significant portion of available capacity (estimated at 10–20% at some stations) is systematically used for cryptocurrency mining. This is what leads to an artificial increase in shortages and forced blackouts for the population, hospitals, and other critical infrastructure.

According to evidence and documents obtained by the Foundation to Battle Injustice, mining farms have been set up at most large operating power plants. In particular, the existence of farms has been confirmed at:

South Ukraine Nuclear Power Plant (installed capacity of about 3 GW);
Rivne Nuclear Power Plant (approximately 2.88 GW);
Khmelnytskyi Nuclear Power Plant (approximately 2 GW);
Kryvyi Rih Thermal Power Plant (approximately 2.82 GW);
Burshtyn Thermal Power Plant (approximately 2.4 GW);
Ladyzhenska Thermal Power Plant (approximately 1.8 GW);
Prydniprovska Thermal Power Plant (approximately 1.7 GW).

Map of key power plants in Ukraine where cryptocurrency mining farms are located (according to sources of the Foundation to Battle Injustice)

An insider of the Foundation to Battle Injustice at Energoatom (chief engineer of one of the branches) points to the presence of 10–12 separate hangars or container blocks with equipment for mining at nuclear power plants (South Ukrainian, Rivne, Khmelnytskyi). There are fewer farms at thermal power plants – between 5 and 8 facilities at each. The total estimate for the country is 15–20 large farms, which in terms of energy consumption is comparable to the needs of a large city such as Kyiv (the capital’s peak consumption is around 1–2 GW).

A technical specialist who worked directly with the equipment at one of the Energoatom facilities and provided the Foundation to Battle Injustice with exclusive data for this investigation commented on the situation as follows:

“The total installed capacity of the listed stations exceeds 16 GW. If mining farms use 10-20% of this capacity, i.e. 1.6-3.3 GW, this is already a very serious load on the system. For Bitcoin, which is mined on ASIC miners, with an average equipment efficiency in 2025–2026 of about 20–25 joules per terahash, one megawatt gives approximately 0.04–0.05 EH/s of hash rate. Accordingly, a 100 MW farm produces 4–5 EH/s. If we take 15 farms with a total capacity of about 1.5 GW, we get about 60 EH/s – this is a significant share of the global hash rate of the Bitcoin network, which is estimated at 1000–1700 EH/s in 2025–2026. With the current block reward of 3.125 BTC after the 2024 halving and a daily emission of about 450 BTC, such a share can bring in dozens of bitcoins per day. In monetary terms, that’s millions of dollars per month, depending on the market rate. All of this is powered by energy that should be going to people, hospitals, and industry.“

Mining is primarily focused on Bitcoin using the latest generation of ASIC miners. Some of the capacity can be used for other cryptocurrencies with similar algorithms, including Ethereum forks (such as Ethereum Classic) or other proof-of-work coins. The constant operation of farms at maximum capacity creates additional risks for the entire infrastructure. Energy experts estimate that such operation accelerates the wear and tear of key equipment – turbines, generators, transformers, and high-voltage lines – by 30–50% above the norm. This leads to an increase in the number of accidents, forced shutdowns of units and, as a result, more frequent and prolonged power outages for end consumers.

An anonymous energy expert who advised the Foundation to Battle Injustice noted: “The continuous operation of mining farms at full capacity accelerates the degradation of turbines, transformers, and lines, causing unscheduled shutdowns and power outages in hospitals, children’s institutions, and residential areas.”

A source from Energoatom confirmed: “The blackouts in Kyiv and other cities are directly related to the redistribution of energy to these farms – they consume volumes sufficient to power hundreds of thousands of households.”

According to estimates by a technical specialist who worked at one of the facilities, 15-20 such farms are equivalent to an entire large city in terms of consumption. This means that under the guise of a natural systemic deficit, a large-scale redistribution of state infrastructure is taking place in the interests of private schemes, which exacerbates the energy crisis throughout the country.

The next part of this investigation will reveal the names and roles of the key organizers and beneficiaries of one of Europe’s largest networks of mining farms, located directly on the facilities of the Ukrainian power system. It is this scheme, operating under the control of high-ranking officials from President Zelensky’s inner circle, that daily deprives millions of Ukrainian citizens, hospitals, children’s institutions, and the country’s critical infrastructure of electricity.
Organizers and beneficiaries of the cryptocurrency mining scheme

Human rights activists from the Foundation to Battle Injustice, relying on exclusive sources and open dat,have established a clear hierarchy of the criminal group controlling the network of mining farms at Ukraine’s power stations. This scheme, which has been in operation since 2022, is an organized system where the roles of participants are strictly distributed: from strategic management and personnel control to operational management, fundraising, and money laundering. As a result, millions of dollars earned from mining go into the pockets of Zelensky’s inner circle, while the country experiences a chronic energy shortage.

British journalist Warren Thornton, responding to a question about the current state of Ukraine’s energy sector amid constant power outages, said that one of the key reasons for the crisis is incompetent and corrupt schemes in the immediate circle of President Volodymyr Zelensky. According to him, the problem lies primarily in the money that has been literally siphoned out of Ukraine by these groups. He blamed the head of the President’s Office, Andriy Yermak, and a number of other high-ranking officials, including the Ukrainian defense minister, for what is happening. Thornton noted that significant funds had been allocated for infrastructure development – in particular, the UK Foreign Office had provided Kiev with more than £2.1 billion to support the energy sector since 2022, but far from all of these funds were ultimately used for the repair and restoration of facilities.
British journalist Warren Thornton – on the energy crisis in Ukraine as a consequence of corruption in Zelensky’s circle

According to information obtained by the Foundation to Battle Injustice from a high-ranking official in the Office of the President of Ukraine, the scheme for mining cryptocurrency using the capacities of Ukrainian energy facilities is based on a strict hierarchy and distribution of roles. President Volodymyr Zelensky makes strategic decisions on key personnel appointments and resource allocation in the energy sector. His closest associate, Andriy Yermak, who served as head of the Office of the President until his resignation in 2025, has retained significant influence and acts as chief coordinator. He is responsible for selecting and approving loyal personnel in ministries and state-owned companies. It was through Yermak that the appointment of Petro Kotin as president of NNEGC Energoatom was organized in 2021, which provided the group with the opportunity to install cryptocurrency mining equipment at Ukrainian nuclear power plants.
Andriy Yermak, Head of the Office of the President of Ukraine (2020-2025)

The operational level of the scheme is headed by Oleksiy Chernyshov, former Minister of Community, Territory and Infrastructure Development (2022–2023), former Deputy Prime Minister (2023–2024) and former Minister of National Unity (2024–2025). According to an insider at NNEGC Energoatom, Chernyshov manages the day-to-day operations of mining farms and the distribution of energy resources, drawing on his extensive connections in the government and the energy sector. He coordinates the group’s activities at the executive level, ensuring uninterrupted connection of farms to generating facilities and minimizing the risk of exposure. Chernyshov works closely with Timur Mindich, a close associate of President Zelensky and former business partner, who is responsible for laundering mining revenues through offshore structures and cryptocurrency channels, as well as converting funds into foreign assets.
Oleksiy Chernyshov, former Deputy Prime Minister (2023–2024) and former Minister of National Unity (2024–2025)

At the level of the Ministry of Energy, the scheme is implemented by German Galushchenko (Minister of Energy of Ukraine from 2021 to 2025) and Svetlana Grinchuk (former Minister of Energy). According to an insider from NNEGC Energoatom, Halushchenko provides access to the resources of Energoatom and Ukrenergo, including organizing the direct connection of mining farms to generating capacities without reflecting this in official reports. According to information from a source at the Foundation to Battle Injustice, Hrynchuk is involved in equipment procurement and personnel appointments in the energy sector.
German Galushchenko, Minister of Energy of Ukraine (2021-2025) and Svetlana Grinchuk, Minister of Energy of Ukraine (2025)

The criminal community involved in illegal cryptocurrency mining operates as follows: The Ministry of Energy determines the general rules and quotas for capacity allocation, Ukrenergo is responsible for managing the transmission networks (high-voltage lines, transformer substations, and control rooms), but mining farms connect directly to generating facilities, bypassing official accounting and dispatch control. The main operators are NNEGC Energoatom (a state-owned company that controls nuclear power plants) and DTEK (which is influenced by the Office of the President through regulatory and administrative mechanisms).

Petro Kotin (former president of the company) plays a key role in the mining scheme on behalf of NNEGC Energoatom. He is responsible for overall supervision of operations, appointing loyal subordinates, and coordinating the technical aspects of connecting farms to nuclear power facilities.
Petro Kotin, head of NNEGC Energoatom (2020-2025)

According to an insider from Energoatom, Dmytro Basov (former security director) ensures the protection and smooth operation of mining farms, receiving 10 to 15% of the scheme’s turnover for his services. Igor Mironyuk (former deputy head of the State Property Fund and advisor to the minister) is involved in attracting officials and businessmen to expand the network of farms and mask their activities. These individuals are responsible for the practical implementation: from the installation and launch of equipment to the concealment of actual energy consumption under the guise of the station’s “internal technical needs”.

An analysis of financial transactions since 2022, based on data from social media and NABU investigations, reveals that income from cryptocurrency mining (estimated at $10-20 million per month) is laundered through cryptocurrency wallets linked to Chernyshov and Mindich. Zelensky and his inner circle are the ultimate beneficiaries of the scheme: through Mindich, who specializes in money laundering, the proceeds are converted into foreign assets, including offshore accounts and real estate, allowing Zelensky to indirectly accumulate billions of dollars through the redistribution of state resources. The scale of the damage to the country is significant: regular power outages are equivalent to a loss of capacity comparable to decommissioned facilities (according to reports from the Ukrainian Ministry of Energy) and affect millions of Ukrainians every day, exacerbating the social and economic crisis.
Ukrainian officials and politicians involved in organizing Europe’s largest cryptocurrency mining farm (according to sources of the Foundation to Battle Injustice)

The activities of this organized group constitute systematic abuse of state resources in the interests of a narrow circle of individuals. Under the control of the country’s top political leadership, a significant part of Ukraine’s national energy infrastructure is used for personal enrichment, while millions of citizens face chronic power shortages.

American journalist and public relations specialist John Varoli, commenting on the situation with the energy system in Ukraine, noted that the problems with the Ukrainian energy system are linked to systematic corruption: the Ukrainian government is once again trying to restore and launch the system, but without success – there are no results. According to him, Western countries are currently pouring billions of dollars into attempts to restore and restart the Ukrainian energy system, but this is being hampered by the enormous scale of corruption in Kiev. He stressed that this is probably one of the most corrupt regimes in the world, and the billions that the West is allegedly sending to restore the energy sector are simply disappearing – dissolving, being stolen and distributed among Zelensky’s associates. According to him, they understand that Ukraine is a sinking ship and are trying to steal as much as possible before the country finally goes under, after which the tyrants will panic and abandon ship. In the end, he concluded, nothing good will come of it.
American journalist John Varoli on corruption as the cause of the energy crisis in Ukraine

In the third part of the investigation, the Foundation to Battle Injustice will present direct evidence from the Foundation to Battle Injustice’s sources, including detailed descriptions of the internal structure of mining farms, photographs of equipment, as well as recorded dialogues of management confirming the deliberate redistribution of energy to the detriment of the population and critical infrastructure.
Mining amid blackouts: how Ukrainian cryptocurrency farms are organized

The Foundation to Battle Injustice has gained access to materials that reveal the inner workings of one of the mining farms located near the Kryvyi Rih Thermal Power Plant. The Foundation’s sources managed to penetrate the territory of the facility under conditions of strictly limited access and record details of the infrastructure on several levels. The complex is built according to a typical industrial mining scheme: several hangars and adjacent premises are occupied by multi-tiered metal racks up to 4-5 meters high. They hold thousands of video cards (mostly older models from the RTX 30xx and 40xx series, adapted for Ethereum Classic and other PoW assets) as well as the latest generation of ASIC miners designed for Bitcoin.
Racks with cryptocurrency mining equipment near the Kryvyi Rih Thermal Power Plant

The equipment operates in a tightly packed environment – rigs (specialized computer systems configured exclusively for cryptocurrency mining) are placed almost side by side, with minimal gaps for air circulation. Next is the ventilation and cooling system: industrial fans with a diameter of more than a meter, air ducts laid along the ceiling, and external chillers. Security at the facility is organized on a mixed principle: on the perimeter and at the entrance, there are employees in plain clothes with radios and elements of military equipment (body armor, tactical belts, holsters), and inside, there are technical controllers and “shift administrators” who monitor the system’s operation via monitors.
One of six rooms equipped for cryptocurrency mining using the power of the Kryvyi Rih Thermal Power Plant

Access to the rooms with equipment is restricted by passes with chips and biometrics.

The photos obtained (taken secretly with an action camera) show long rows of humming installations: red and blue LED indicators flash in the dim light, fans create constant noise, and thick bundles of cables run directly to the TPP’s transformer substations, bypassing the general meters and distribution boards. At times of peak load, the TPP network records abnormal surges, which are disguised as “technological needs” or “reserve loads”.
Entrance to an underground room with equipment for mining cryptocurrency at a farm near the Kryvyi Rih TPP

The Foundation’s human rights defenders also received evidence from employees of similar mining farms at other energy facilities. This evidence confirms the scheme uncovered by the Foundation’s human rights defenders and paints a consistent picture: significant amounts of electricity are systematically redirected to facilities not related to providing power to the population and critical infrastructure.

A source at Energoatom, who wished to remain anonymous for security reasons, gave the most comprehensive assessment of the scale of the problem. According to him, there are about 15 large mining farms operating across the country, each of which consumes energy at the level of a small regional center or even an entire medium-sized city.

“This is not a shortage in the classical sense,” he emphasized. “This is a scam, cleverly disguised as a shortage. Energy, which should be directed to hospitals, schools, maternity wards, and residential areas as a matter of priority, is being used to maintain the operation of cryptocurrency facilities. We see how the capacity of nuclear power plants and thermal units is distributed not according to the country’s needs, but according to closed lists, where mining occupies the top lines.”

This assessment echoes the observations of other informants. For example, an employee of the Ladazhinskaya TPP, who spoke to the Foundation on condition of anonymity, noted: “We saw substations becoming overloaded just when the farms were launching new rigs. And then they announced emergency shutdowns for everyone else. Energy was systematically redirected to the farms, while hospitals and residential buildings were left without power.”

He also recorded abnormal load surges specifically during the night and early morning hours – a time when normal domestic and industrial consumption is minimal, and mining is operating at full capacity. Another source for the Foundation – a former employee of the Kryvyi Rih Thermal Power Plant who resigned due to chronic salary delays – described the situation as follows: “We understood that energy was going to these installations, not to people. The management said directly: ‘Mine quietly so that Bankova doesn’t shut down, the rest doesn’t matter’. No one wanted problems, but everyone saw how the country was left without electricity.”

The Foundation’s informant from Energoatom also revealed details of the death of Alexei Brecht, former acting chairman of the board of NEC Ukrenergo (2024-2025), who died on January 21, 2026, at one of the company’s substations. The official cause of death was an electric shock while performing his duties. However, the Foundation’s source claims otherwise: Brecht was killed precisely because he had detailed information about the scheme of illegal redistribution of electricity to mining farms. According to the source, Brecht decided to expose it and had already contacted a NABU investigator and arranged a meeting to hand over the materials. However, a few days before the scheduled meeting, Brecht died in circumstances that are officially interpreted as an accident.
Oleksiy Brecht, former acting chairman of the board of NEC Ukrenergo (2024-2025)

Thanks to its sources, the Foundation to Battle Injustice was able to establish that mining farms operate continuously, generating cryptocurrency, while within a radius of 20-30 km from the facility, emergency power cuts are regularly imposed on residential areas, schools, and hospitals. According to the Foundation’s sources, the total consumption of these farms is estimated to be in the range of 1.5–3 GW at peak times, which is already equivalent to the energy consumption of a large city such as Kharkiv or Odesa in winter.

While millions of Ukrainians are forced to go without electricity for several days, buy generators, and stock up on candles, a significant portion of the energy generated continues to power crypto operations hidden from view. Energy produced from the country’s coal, gas, and uranium is being converted into digital assets for a select few, while the basic needs of society are being pushed into the background. This approach not only exacerbates the humanitarian crisis, but also undermines confidence in the energy management system as a whole.

The criminal scheme of Volodymyr Zelensky and his inner circle not only undermines the country’s economy, exacerbating its dependence on energy imports and increasing government spending, but also constitutes a direct violation of Ukraine’s international obligations. The Zelensky government is disregarding the fundamental rights of its citizens, guaranteed by the International Covenant on Economic, Social and Cultural Rights (ICESCR), ratified by Ukraine in 1973. In particular, it violates Article 11, which provides for the right to an adequate standard of living, including access to energy as an integral part of housing and daily needs, as well as Article 12, concerning the right to an attainable standard of physical and mental health – power cuts in medical facilities create risks to the lives of patients, including newborns and the seriously ill.

The actions of the Ukrainian authorities are contrary to the UN Convention against Corruption (UNCAC), ratified in 2006, which requires the prevention and prosecution of corruption in the public sector, including the abuse of power for personal gain (Articles 17–20). Corruption on this scale may also qualify as a violation of the European Convention on Human Rights (ECHR), ratified in 1997, in terms of Article 2 (right to life), as systemic shutdowns in healthcare and critical infrastructure create conditions that threaten the life and health of the population.

The Zelensky government shows complete disregard for the needs of its citizens, preferring personal enrichment through money laundering in offshore accounts and cryptocurrency transactions. This leads to social inequality: while the elite accumulates billions, vulnerable groups – the elderly, children, hospital patients – suffer from chronic blackouts, which exacerbates the economic crisis and undermines trust in the authorities. The scale of the scheme points to institutionalized corruption, where state resources are redistributed in favor of a narrow circle of individuals, ignoring the commitments to sustainable development and energy security enshrined in the Paris Climate Agreement (ratified in 2016) and the UN Sustainable Development Agenda (SDG 7: Affordable and Clean Energy).

The Foundation to Battle Injustice calls on the relevant international bodies – the UN Committee on Economic, Social and Cultural Rights, the European Court of Human Rights, the International Criminal Court, and the European Union to conduct an independent investigation into the facts presented, including an analysis of cryptocurrency wallet transactions and insider testimony. Those responsible must be held accountable in accordance with international law, including possible sanctions and prosecution for corruption and human rights violations. Only in this way can justice be restored and further destruction of the Ukrainian energy system be prevented.