The bankrupt bitcoin mining hardware producer KnCMiner has been acquired by a Swedish telecom company, which seems keen to relaunch its mining and data processing activity.

The new owner is GoGreenLight, a recently established affiliate of the Uppsala-based IT and telecom company Borderlight, which is on the market since 2000. The deal concluded on Friday, has been announced by Nils Åberg, the bankrupt company’s court-appointed receiver.

The new owners will attempt to resume KnCMiner’s operation as a mining pool and data centre, as revealed by the head of GoGreenLight Sten Oscarsson in an interview with CoinDesk:

“We will run the mining to the extent that it is profitable, but in addition to our core business. We have a strategy to solve their current problems. It’s most likely the case that we’ll be a player.”

The possibility of KnCMiner getting a new owner was announced as early as May. “We already know that there is an interest to our business. But at the moment I cannot specify, what sort of interest it is,” Åberg told Swedish media Breakit.

KnCMiner, a mining pool and one of the first bitcoin hardware manufacturers founded in 2013, declared bankruptcy in May 2016. According to the company’s CEO Sam Cole, the main reason for the decision was the expected halving of the bitcoin block mining reward from 25 to 12.5 BTC. With the income cut by half, bitcoin mining would become inefficient for the company and it chose preventive receivership to save funds.

Elena Platonova