The Swedish Telecom That Bought KnC is Now Mining Bitcoin

Months after acquiring bankrupt bitcoin mining firm KnCMiner, a Sweden-based company has started to mine.

AccessTimeIconFeb 8, 2017 at 6:37 p.m. UTC
Updated Sep 11, 2021 at 1:04 p.m. UTC
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Months after acquiring bankrupt bitcoin mining firm KnCMiner, a Sweden-based company has started to mine.

GoGreenLight moved to buy out the miner last summer, a move that followed KnC’s bankruptcy declaration in May. GoGreenLight is a sister company of Borderlight, an IT and telecom services provider based in Uppsala.

The bankruptcy bid preceded a drop in the amount of bitcoins created with each new transaction block, from 25 BTC to 12.5 BTC. Bitcoin mining is an energy-intensive, competitive process by which new transactions are added to the blockchain. That network change took place last July.

According to statements from the company and network data, GoGreenLight has begun activating the KnC hardware it obtained.

Borderlight’s Sten Oscarsson said that the firm was in the midst of restarting the KnC hardware, with 25 people involved in the process. He added that the mine is being enhanced with improved tech for cooling and maintenance.

Oscarsson went on to say:

“[The] next phase with production of new equipment and new designs will start shortly.”

The firm has mined six blocks since 2nd February, according to data from wallet provider Blockchain, with the most recent being struck on 7th February.

GoGreenLight accounted for 0.6% of the total bitcoin network hashrate over the past 24 hours, the data further shows.

Image via Shutterstock

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