Bankrupt bitcoin mining conglomerate KnC Group has sold its KnCMiner subsidiary to fellow Swedish company GoGreenLight.
No price is attached to the deal.
KnCMiner was one of seven KnC Group subsidiaries to declare bankruptcy suddenly in May, citing the halving of block sizes and competition from Chinese mining operations as the main factors.
GoGreenLight was created in order to carry out the acquisition as a sister company to IT and telecom firm Borderlight.
The company says that it will continue to operate KnCMiner’s bitcoin mining operations and data centres. It claims to have a strategy to solve the problems that cause KnC’s bankruptcy.
GoGreenLight says it could also acquire talent from the company, as well as its assets as part of the deal.
Copyright © 2016 FINTECH GLOBAL
Copyright © 2018 RegTech Analyst
