Kodak-branded KashMiner Bitcoin mining rig for hire wasn’t — and will not be • TechCrunch

Write off one other piece of crypto craziness: A Kodak-branded Bitcoin-mining rig that was on show at CES in January, the place it generated a lot headshaking and skepticism that it may ever ship the claimed returns, has evaporated into the concepts ether from whence it got here.

The BBC stories that the plan to hire entry to Kodak-branded KashMiner gadgets for the prospect to earn Bitcoin returns has collapsed.

Spotlite USA, the corporate that had proven off the rig at CES, was additionally by no means formally licensed to make use of Kodak’s model for the mining rig, in response to the report (though the corporate does seemingly license Kodak’s model to be used on LED lighting products which nonetheless don’t have anything in any respect to do with Bitcoin mining so…).

Nor had it put in a number of KashMiner gadgets at Kodak’s places of work, because it had claimed.

Chatting with the BBC, Spotlite CEO Halston Mikail mentioned the US Securities and Change Fee prevented the scheme from going forward.

As a substitute of renting Bitcoin mining capability to customers the corporate now plans to run a mining operation privately, with tools put in in Iceland — apparently with out pausing to look at the logic of becoming a member of the present pool {of professional} Bitcoin miners all chasing diminishing returns.

Iceland has been a well-liked spot for organising crypto mining ops for some time, proudly owning to low common annual temperatures which assist maintain cooling prices down, plus the supply of (comparatively) low cost electrical energy, together with generated from clear geothermal vitality, which may offset issues in regards to the environmental impression of crypto mining. Which is presumably why Spotlite has settled on Iceland for the following stage of its crypto journey.

In the meantime, Eastman Kodak, the 130-year-old digicam firm whose model was not, because it seems, licensed by Spotlite USA for Bitcoin mining, did reveal a bona fide model licensing plans to get entangled with cryptocurrencies and blockchain (additionally) in January — announcing an imminent ICO for a photo-centric cryptocurrency (referred to as KodakCoin), by way of a model licensee (referred to as Wenn Digital), with the mooted blockchain platform set to concentrate on picture rights administration.

So not less than there’s a lower than fully tenuous connection in that crypto occasion.

The ICO information immediately spiked Kodak’s inventory worth 44 per cent in January’s oh-so-bubbly crypto market. Albeit, weeks later the inventory had deflated after delays to the ICO on account of regulatory uncertainty.

Months later Wenn Digital went on to launch a SAFT providing (aka Easy Agreements for Future Tokens), in May, which it’s nonetheless selling on its KodakOne website — with the goal of elevating $50M to construct the touted picture rights administration blockchain platform.

It stays to be seen whether or not this formally Kodak-branded providing will be capable of flip a crypto concept right into a genuinely helpful product both.

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