We all know very well that Kodak is well-known for cameras, however, now it has lent its name to bitcoin mining machines. Yes, according to the latest reports, the well-known American technology company that produces imaging products, of course, Kodak just launched a bitcoin mining rig which is recently killed by SEC.
This Kodak-Branded Bitcoin Mining Rig Has Failed
Kodak, known for its cameras, lent its name to bitcoin mining machines. KashMiner was announced earlier this year during the CES trade show, and received mixed reviews because it would be a “hit.” The SEC, the US Securities and Exchange Commission, closed these plans once.
Spotlite USA, the company behind the project, tells the BBC that its mining machine has been barred by the SEC. The body has been closing the siege of crypto-coins to combat illegal activities.
Its CEO, Halston Mikail, says the company has installed 80 KashMiner units at Kodak’s headquarters in Rochester, New York, to take advantage of low electricity prices.
However, a Kodak spokesperson tells the BBC: “The machines seen at CES are from our licensed Spotlite, but KashMiner is not a licensed product of the Kodak brand. The units were not installed at our headquarters.”
Also read: This Smartphone Mines Cryptocurrency Out-of-the-box
Doubtful plans
The idea never seemed good. As you have to pay $3,400 to get this bitcoin miner on rent for two years, and you would receive $375 a month if bitcoin’s price was close to $14,000. Then, Spotlite would take 50% of the obtained crypto-coins.
Economics professor Saifedean Ammous tells BuzzFeed News that bitcoin would need to stay at the $28,000 average for the business to be worthwhile – as day by day the crypto-coins has become increasingly difficult to mine and currently its price is currently at $6,670.
Hence, this miner is a big flop, as KashMiner was extremely similar to Bitmain Antminer S9, a bitcoin miner that can be purchased for about $2,320 – far less than the amount charged by Spotlite.
Mikail says his company’s new plan is to mine bitcoins on its own in Iceland. It remains to be seen if the company will fulfill the promise this time: they have not even finished the “terms and conditions” section of the site itself – there is only a generic lorem ipsum text.
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Kodak also announced plans to create its own cryptocurrency, called KodakCoin, which would serve for photographers to license their work. However, according to TechCrunch, the ICO (initial money supply) was postponed because of “regulatory uncertainties” – the SEC was certainly eyeing.
So, what do you think about this? Simply share all your views and thoughts in the comment section below.
