The Kodak-Branded Bitcoin Mining Company Falls Off
The Kodak-branded bitcoin mining rigs unveiled at the CES technology trade show this year will no longer be available to mine for customers. Amid scam accusations, the company behind the Kodak Kashminer crypto mining scheme has reportedly confirmed the plan has collapsed, citing intervention by the U.S. Securities and Exchange Commission.
The Kodak Kashminer is a product of Spotlite USA, one of many companies that license the Kodak brand to put on its own products.
According to Spotlite’s CEO, Halston Mikail, the company planned
“to install hundreds of the devices at the Kodak headquarters in Rochester, New York, to take advantage of cheap electricity offered by an on-site power plant,” the BBC reported. He also claimed that “80 devices were already in operation.”
However, the company told the news outlet that “the venture was never officially licensed and that no devices had ever been installed.” While Spotlite is licensed to use the Kodak brand for LED lighting products, it is not licensed to use the brand for mining rigs. A company spokesman was quoted explaining:
While you saw units at CES from our licensee Spotlite, the Kashminer is not a Kodak brand licensed product. Units were not installed at our headquarters.
The licensee planned to rent out the machines for an up-front fee and let customers “keep a cut of any bitcoins generated,” the news outlet detailed.
Spotlite’s promotional material claims:
“An up-front investment of $3,400 would generate earnings of $375 a month for two years by mining bitcoin”
Mikail told the publication that “the U.S. Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.”
Instead of renting out mining capacity, his company will now “run its mining operation privately with equipment installed in Iceland,” he described, confirming that “the [original] plan has collapsed.
Now, let us wait for the new mine by the company.
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