The bitcoin price — which has been under significant pressure in recent months — has managed to maintain support despite another crypto-mining scandal.
Last night the technology company behind Kodak’s cryptocurrency mining scheme, Spotlite USA, confirmed its bitcoin mining operation has collapsed, after it was labelled a "scam" by critics and blocked by the U.S. Security and Exchange Commission (SEC).
A Kodak-branded bitcoin miner — which Kodak told the BBC was never officially licensed and that no devices had ever been installed — went on display at Kodak's official stand at the CES technology show in Las Vegas in January this year.
Spotlight had planned to rent the computers, called Kodak KashMiners, to people for a fee of $3,400 for a 24-month period —
and promised returns of $375 a month.
After making those return promises, people found that the bitcoin price would need to hit an average of $28,000 per coin over those two years — a far cry from the $6,700 bitcoin is trading at today.
Meanwhile, Kodak announced in January plans for an initial coin offering (ICO) on the KodakOne platform, allowing people to register their work, license photographs, and search the internet for unauthorized usage
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Originally Posted by dannno
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