FORMER CAMERA LYNCHPIN Kodak has denied in involvement in a cryptocurrency mining service which has gone the way of the Kodak camera. And Kodak Ektra mobile phone. And Kodak printer. And Kodak Brownie Camera. And Kodak Disposable Camera. And Kodak Ektachrome slide film.
You get the idea.
The company had been showing off ‘KashMiner’ at CES this year (presumably without spellchecking it) leading to criticism of the claimed returns it could offer, and some going so far as to call it a scam.
Kodak doesn’t actually manufacture much hardware since it emerged from bankruptcy it 2013 but rather acts as a holding company for brands it leases its name to – in this case Spotlite USA.
Plans to rent out the machines have now been scrapped after it became clear that the £2,500 rental fee for two years wasn’t going to generate the promised returns, which at £285 a month was underwhelming anyway.
Part of the issue is likely to have been the surprise slide in the value of Bitcoin, the most mature cryptocurrency, from ridiculous highs at the end of 2017, which will have borked the business plan completely – £285 is likely to have been more like £2.85.
Spotlite claimed that it was to install hundreds of KashMiners at Kodak headquarters to take advantage of the on-site generator for cheap electricity.
Kodak denies the plan, and indeed the brand licence never actually went through. In fact, even the website was never finished.
Spotlite has said it will go ahead without the branding, installing machines in Iceland, where thermal springs create limitless free electricity, making it hugely popular with miners.
Cryptocurrency mining remains a huge buzz – which may or may not be a bubble, with companies jumping on the bandwagon with mixed success rates and levels of competence. Meanwhile, John McAfee has stated that if Bitcoin doesn’t reach $1m by 2020, he’ll eat his own dinkle, a statement that we have no hesitation in reminding you of on a regular basis. μ
Source : Inquirer