Another One Bites The Dust: Kodak-Branded KashMiner Bitcoin Idea Has Collapsed
Another crazy crypto idea has died. The Kodak-branded Bitcoin-mining rig that was shown this year at the CES back in January has generated much skepticism and, just like other miraculous projects, it is no more in active development. The plans of the company for using the miner in rent access have collapsed.
The Story Of The Fall
It turns out that the company that has shown off the product at the CES, called Spotlite USA, did not even have Kodak’s license to use the product. According to reports, they only had the license for LED lighting products using the brand, not mining rigs, which have nothing to do with them.
The whole thing was a scam. Spotlite USD did not have installed a lot of KashMiners at Kodak’s offices, as it has stated on the occasion. The whole plan actually fell apart when the US Securities and Exchange Commission officially prevented the project from going forward, according to Spotlite CEO Halston Mikail.
A Change Of Plans For Spotlite
After the whole Kodak-branded scheme fell apart, the company has now changed its mind. The company is now focused on creating a mining operation in Iceland instead of renting mining capacity to customers. Apparently, the company did not pause to examine the logistics of the operation, so there is a great chance that we might hear about Spotlite USA’s failures again in the future.
Iceland has become a very popular spot for crypto mining recently as its energy costs are very low and its temperature is even lower, which keeps cooling costs down. By using geothermal energy provided by the country, the impact of mining can be put in second place while companies focus on the profitable side of the operations.
Kodak’s True Plans For Crypto
The real Kodak company has recently revealed plans for a true ICO for a photo-centric crypto (which was also announced in January). The new platform will allegedly be focused on image rights management.
At the time, the announcement made the price of Kodak’s stock spike to 44 percent more… and it fell down again after the delays on the ICO because of regulatory uncertainty, another very common tale of the beginning of 2018.
The future for Kodak and crypto is uncertain so we have to wait and see if this will become a really useful product or not in the future.