The Kodak-branded ‘Kashminer’ Bitcoin mining scheme announced at CES has apparently collapsed, with Eastman Kodak distancing itself from the company behind it.
This is distinct from the Kodak-branded ‘Kodak Coin’ cryptocoin and ‘Kodak One’ IP blockchain scheme announced by Wenn Digital Inc at CES.
Eastman Kodak is saying that the Kashminer scheme, where investors could effectively rent Bitcoin mining hardware which would be located at Rochester NY, and use Kodak’s on-site power station for cheap electricity, was never actually a licensee of the Kodak name. This is despite the hardware appearing on Kodak’s stand at CES, bearing the company’s name.
The Kashminer scheme was immediately ridiculed at the time, since its promised consistent rate of return would appear impossible, given the increasing difficultly of ‘mining’ that is inherent to Bitcoin.
The BBC is reporting that Spotlite – the company behind the Kashminer – says that the US Securities and Exchanges Commission (SEC) had prevented the scheme from going ahead. It says it is now looking to establish a Bitcoin mining system in Iceland.