The Bitcoin mining firm KNCMiner has been acquired by a Swedish firm, following the former company’s bankruptcy.

KNCMiner sold most of its assets following a bankruptcy procedure three months ago, however, it has now been disclosed that a Swedish company called GoGreenligh has received approval to buy most of the mining venture assets.

The owner of GoGreenlight, Sten Oscarsson didn’t reveal details on the acquisition, it is worth noting that KNCMiner assets are valued at $661,000, so GoGreenlight must have paid a similar amount. Niels Aalborg, the former KNCMiner administrator, said

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.

Sten Oscarsonn is decided to perform a make-over, the new owner was quoted in a Swedish interview as determined to build a “completely different infrastructure”, “nearly 100% recycling” was another claim made by the entrepreneur.

GoGreenlight is a subsidiary of the Uppsala-based IT and telecom company Borderlight –operating since 2000–, which offers IT solutions to companies and the Swedish central government.

On May 2016, KNCMiner declared bankruptcy the –now former– owner of the company addressed the situation on that day by stating:

Due to high uncertainty regarding the bitcoin block halving that occurs in July, in combination with a continued rapid capacity expansion from our competitors, the company is very unlikely to be able to fulfil its obligations past July. The board therefore took the decision to take the company voluntarily into receivership.

The Swedish mining company was one of the most recognized names in the digital currency industry, having raised $14 million in a Series A funding round in 2014, and another $15 million in a Series B fundraiser in 2015, with participation from famed Swedish investors Martin Wattin.

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