The organization that was behind the outline announced that the significant plan had collapsed. Back in January, a Bitcoin mining mainframe that was labeled Kodak KashMiner was put on display on the Kodak’s official stand. The presentation took place at the CES technology in Las Vegas. However, critics labeled the plan as a scam and reported that the advertised profits were misleading and unachievable. The organization behind the scheme reported that it would not proceed with the plan. According to the news, Kodak said that the plan was never licensed officially. Spotlite is among the companies that are reported to license Kodak to put on its items. The firm displayed a Bitcoin mining processor that was labeled Kodak Kashminer back in January. The company had planned to allow those interested to rent the infrastructure.
To mine the crypto-currency, the computers were to solve challenging mathematical problems to authenticate crypto-currency transactions. All successful miners were to be compensated with bitcoins for their significant efforts. Spotlite Company had planned to allow people to pay some fee of around $3,400 to rent the Kashminer. This would also permit customers to keep some percentage of any bitcoin that was generated in the process. The chief executive of the company, Halston Mikail, had detailed strategies to have the hundreds of the gadgets installed at the Kodak Company. These gadgets are based in Rochester, New York. The company chief had the intention of taking advantage of the cheap electricity that was being offered by a power plant that is on-site in the area.
The chief executive for the company reported that 80 gadgets were already at the site. However, Kodak said that the undertaking was never licensed officially and that no device was installed in the site of operation. According to the company’s promotional material, spotlite had reported an up-front investment fee of $3,400 that would have generated $375 on a monthly basis for two years while mining Bitcoin. However, critics chose to differ saying that the promised profits were unrealistic and that the company never took to account that mining Bitcoin was increasingly becoming difficult. David Gerard, a writer and Sceptic, said that the plan was crypto-currency madness. He said that the scheme never made progress beyond its incomplete website. Saifedean Ammous, an economist, argued that there was no way that the Magical Kodak miner would generate the same $375 monthly. The economist pointed out that gamble was too hot for them to make any profit, in fact, they would have faced major losses.
