Crypto Mining Machine Branded by Kodak Quashed By SEC and Licensing Issues

Blockchain, Investing, News | July 17, 2018 By:

A plan to create a Kodak-branded mining computer has been scuttled by the SEC and the lack of a licensing agreement.

The proposed Kodak KashMiner would have been rented to digital prospectors for two years at a hefty $3,400 fee, which included the machine, freight, customs fees and duties, and clearance. Customers were promised they could keep a share of the profits generated by the mining, estimated at $375 per month over the life of the contract.

The plan quickly unraveled when observers determined that bitcoin would need to be at $28,000 per coin to achieve those levels. The SEC reportedly stepped in and stopped distribution of the machine.

Beyond that, the company touting the machine, Spotlite USA, didn’t obtain the license for the Kodak brand use on the machine, which reportedly was an Antminer S9 by Bitmain. Kodak has been aggressively pursuing blockchain and cryptocurrency, making the purported deal seem plausible.

Spotlite USA CEO Halston Mikail said the company would continue mining privately with equipment installed in Iceland.