Comment on Kodak-branded KashMiner Bitcoin mining rig for rent wasn’t — and won’t be

Kodak-branded KashMiner Bitcoin mining rig for rent wasn’t — and won’t be

Write off another piece of crypto craziness: A Kodak-branded Bitcoin-mining rig that was on show at CES in January, where it generated much headshaking and skepticism that it could ever deliver the claimed returns, has evaporated into the ideas ether from whence it came. The BBC reports that the plan to rent access to Kodak-branded KashMiner devices for the chance to earn Bitcoin returns has collapsed. Spotlite USA, the company that had shown off the rig at CES, was also never officially licensed to use Kodak’s brand for the mining rig, according to the report (although the company does seemingly license Kodak’s brand for use on LED lighting products which nonetheless have nothing at all to do with Bitcoin mining so…). Nor had it installed multiple KashMiner devices at Kodak’s offices, as it had claimed. Speaking to the BBC, Spotlite CEO Halston Mikail said the US Securities and Exchange Commission prevented the scheme from going ahead. Instead of renting Bitcoin mining capacity to consumers the company now plans to run a mining operation privately, with equipment installed in Iceland — apparently without pausing to examine the logic of joining the existing pool of professional Bitcoin miners all chasing diminishing returns. Iceland has been a popular spot for setting up crypto mining ops for a while, owning to low average annual temperatures which help keep cooling costs down, plus the availability of (relatively) cheap electricity, including generated from clean geothermal energy, which can offset concerns about the environmental impact of crypto mining.

 

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