Kodak KashMiner not only does it sound like scam, it is!

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When Kodak exhibited the Kodak KashMiner at CES, there was great skepticism. It should be a cryptomining service that promised customers high returns.

It sounded like a classic scam at the booth. Users should rent a KashMiner for a two-year prepayment of $ 3,400. The KashMiner mines for bitcoins and the user gets involved in the profits from the sales. $ 375 was promised monthly, which would be $ 9,000 after the two years.

The whole thing is possible because hundreds of Kashminers would be established at Kodak headquarters. There, the electricity is very cheap, because there is a solar power system. 80 of the crypto-miners are already installed and in operation.

As the BBC reports now, that was a lie. The KashMiner was on display at the Kodak booth, but behind it is the company Spotlite USA. Although this is a licensee for Kodak, but only LED bulbs. The KashMiner was never an officially licensed product, according to Kodak. In addition, devices were never installed in the headquarters.

According to Spotlite USA, the plan just did not materialize because the stock market supervision would have prevented that. Now the company wants to build its own private Bitcoin mining farm in Iceland. Iceland is a favorite place for crypto-miners because geothermal energy produces more favorable electricity. The rather cool temperatures also help reduce cooling costs for the mining farms.

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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