KnC Miner Sold to 'Serious' Swedish Buyer

Bankrupt mining conglomerate KnC Group has announced that Gogreenlight has acquired the assets of its KnC Miner subsidiary.

Also read: Suing Bitfinex Could Lose Traders More, Not Less

KnC Miner Deal ‘Only Has A Few Things Left’

KnCMiner AB LogoThe newly incorporated company, owned by Swedish entrepreneur Sten Oscarsson, focuses primarily on green data centers. It purchased the assets for an undisclosed amount.

Trustee Nils Åberg telling that “the only things left now is a few demands that must be filled.” He added:

[Primarily] it’s about making sure the buyer can sign new deals with providers to […] operate the business. It’s about new contracts with suppliers for operations (power, internet and such).

KnC Miner was just one of KnC Group’s seven subsidiaries to suddenly declare bankruptcy in May in a move which surprised the community. The company stated that block size halving and Chinese competition were the main factors behind the decision.

Now, however, the deal to purchase KnC Miner’s assets is already in its final stages, Åberg adding that it was expected to be finalized soon.

Eco-Friendly Mining in the Cards

While the exact reasons and motives behind the acquisition, as well as the identities of the new owners remain unclear, it is known that special conditions are involved in the deal, with local news publication Breakit quoting Åberg:

I’m glad we got a transfer agreement in place with a serious buyer with exciting plans for the future. Now I hope that the outstanding conditions there can be fulfilled soon, so that the buyer can enter the business.

KnC Miner’s assets are valued at 5.6 million kronor ($661,000), with KnC Group’s total assets being worth 38.2 million kronor ($4.5 million).

Green Data CentersDetails are yet to emerge about the new face of KnC, and whether or not it will keep Bitcoin mining as a major focus. However, Breakit quotes Gogreenlight owner Oscarsson as saying he wants to build a “completely different infrastructure” surrounding mining, featuring “nearly 100% recycling” of the energy consumed.

Oscarsson is also the owner of Borderlight, which delivers IT services to both local and central government. He stated he knew little about Bitcoin until the KnC decision, but is looking to expand his experience in the field, calling KnC Miner “one of the few players who have been able to compete on the world market.”

CEO Sam Cole has also yet to comment on the news. In May, following the announcement of KnC’s bankruptcy, he told he planned to shut down as much of the group as possible while expressing a wish to continue working in cryptocurrency.

What do you think about the KnC Miner takeover? Let us know in the comments section below!

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William Suberg

William Suberg is a freelance digital tech journalist who has written extensively about Bitcoin, the blockchain and the evolving cryptocurrency ecosystem for a variety of publications. He has been writing for since January 2016.

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