Kodak's Crypto Experiment Dies Before a Single Imaginary Coin Was Mined

By Gary Cutlack on at

Kodak, or the people Kodak ill-advisedly allowed to use the Kodak brand in order to sell a weird cryptocurrency mining scheme, has given up before ever really getting started.

The news, which everyone foresaw back in January when Kodak made a big deal of the rentable mining servers, comes alongside the actual Kodak company saying that no rentable mining hardware was ever installed in its premises and it only licensed its name out to another business, so the entire scheme was, at best, mostly just pretending to have anything to do with the once massive imaging brand.

The concept behind the Kodak KashMiner system was that users would pay a lump sum rental fee of about $3,400 (£2,550) to hire out a mining server for two years, which, powered by cheap electricity generated from Kodak's own sources, would/could accumulate the user as much as $375 (£280) a month in mined-out bitcoin. Crypto experts said this was largely nonsense, as mining out bitcoin is getting tougher plus the value of the digital money has collapsed so far in 2018, making the scheme less likely to generate anything other than a loss as each day passes.

The boss of Spotlite, the company behind the idea to use the Kodak name to mine money, told the BBC that US financial agency the Securities and Exchange Commission ultimately ended the dream, by refusing it permission to operate. [BBC]