Kodak-branded KashMiner Bitcoin mining rig for hire wasn’t — and received’t be – TechCrunch

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

The BBC experiences that the plan to hire entry to Kodak-branded KashMiner units for the possibility 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 keeping with the report (though the corporate does seemingly license Kodak’s model to be used on LED lighting merchandise which clearly has nothing in any respect in anyway to do with Bitcoin mining so…).

Nor had it put in a number of KashMiner units at Kodak’s workplaces, because it had claimed.

Talking to the BBC, Spotlite CEO Halston Mikail stated the US Securities and Trade 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 prevailing 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 preserve cooling prices down, plus the supply of (comparatively) low-cost electrical energy, together with generated from clear geothermal vitality, which might offset considerations in regards to the environmental influence of crypto mining. Which is presumably why it’s settled on Iceland.

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

So no less than there’s a lower than totally tenuous connection in that crypto occasion.

The ICO information immediately spiked Kodak’s inventory value 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 Might, which it’s nonetheless selling on its KodakOne web site — with the intention 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 to flip a crypto thought right into a genuinely helpful product both.

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