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Report: Kodak-branded Bitcoin mining device was a fake

Local News
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A report from the BBC says a Bitcoin mining rig, branded with the Kodak logo, never had a chance of becoming a reality, and won’t.

The device, labeled the “Kodak KashMiner,” was being offered by company Spotlite for $3,400 for a two-year rental. Over those two years, the device purportedly would have generated around $9,000 for the renter, the company projected.

For Bitcoin mining, users can offer their computer to help complete Bitcoin transactions in exchange for small transaction fees. While some may just use their personal computer to do this, mining rigs are designed solely for the process. Some investors often opt for contracts, like what Spotlite was offering, and let a third-party operate a number of mining rigs and share any potential profits.

After the Kashminer was revealed, critics blasted the product, claiming that the projections were unrealistic; some going as far as calling it a scam.

Now, according to the BBC, Spotlite says the plans for the mining device have fallen through. In a statement, Kodak said the device had never been officially licensed by Kodak.

Speaking with News 8, Kodak reps reiterated that KashMiner was never a potential Kodak product and was not linked in any way to Kodak’s own cryptocurrency KodakCoin. The spokesman said there were never any plans to install the devices on the Kodak campus, as Spotlite had claimed earlier this year.

It’s not clear if anyone had actually signed rental contracts for Spotlite’s device.

The Kashminer reveal came as Kodak separately announced its own cryptocurrency, which sent its stock skyrocketing. The company said KodakCoin would be part of an image rights protection platform known as KodakOne. Last month, KodakCoin announced it was partnering with  several sports arenas on photos for NBA and NHL games. 

But, after more than doubling following the KodakCoin announcement, the company’s stock price is back to near pre-crypto prices, under $4 per share.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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