Eyebrows Raised As Kodak Gets Into Bitcoin Mining
Kodak has been in the photography industry for decades and is among the most popular brands in that regard. However, the company is set to launch its own cryptocurrency dubbed Kodakcoin without an ICO. Instead, Kodakcoin will be mined, which the crypto industry has interpreted as the company’s way of maintaining their relevance. Admittedly, this month has had its fair share of crypto oddities. However, none beats Kodakcoin.
In the same week Kodak unveiled its plans to venture into cryptocurrency, a dental industry’s altcoin almost hit a $2 billion market cap. Telegram also made public a 132-page white paper entailing its bid to join cryptocurrency. As such, the idea of Kodak launching its own cryptocurrency does not sound far fetched.
This move is probably the best chance at reinvention this global company will get considering how technology is reshaping the photography sector. A cryptocurrency mining firm is a good move for Kodak although it took millions of people by surprise. Kodakcoin was unveiled on CES, the world’s glitziest and largest technology event of the year in Las Vegas, which was graced by popular innovators such as Sony and Samsung just to mention a few.
To be fair, the two companies mentioned above have evolved with time and managed to stay relevant. On the other hand, Kodak was last highly relevant when the Instamatic camera was the best technology on the market. Many people who had the same feeling and thought the idea was pitiful at the Las Vegas event were not fascinated even as Kodakcoin stole the show.
Kodak Meets Crypto
Eastman Kodak Company was founded in 1888 with the company’s peak years arriving in the 90’s. The news about the company’s involvement in cryptocurrency was adequately received alongside those of its inexorable share price leap. Still, its tokenized project appeals to most people as a Shutterstock copy with blockchain technology and added permissions, and there are many theories to back up this assessment.
Kodak said it would start renting Bitcoin miners to the public and many expect them to be high-quality and authentic similar to what we witness with popular cloud mining sites. However, the miners showcased during the demo appeared to be Bitmain mining rigs with an appended Kodak sticker. As such, the process of tokenizing Kodak might have been quickly hobbled together considering the Kodakcoin website is reported to have been registered on January 2nd.
Bitcoin Crypto Mining Token For Headlines
Kodak further showed its support for its mining operation by announcing that the company would be installing a rig in New York, where the company’s headquarters are also located. Let hope the rig won’t be installed in their office because of all the heat and noise that comes with crypto mining. The mines in the rig will bear the Kodak brand and will be rigged to miners who are expected to purchase mining capacity upfront.
Dennis Dick, a trader at Bright Trading LLC, thinks Kodak’s involvement in cryptocurrency makes the venture look ridiculous. According to Dennis, it’s a desperate shot at the reinvention of the company and only the upper echelon investing in the company’s token sale will reap the benefits. It is also worth noting that the token sale is only open to SEC-registered investors.