Image credit: Matt Weinberger/Business Insider
Kodak announced yesterday that it’s going to launch its own cryptocurrency but that’s not where its digital currency ambitions end. The company has also teamed up with Spotlite to offer a bitcoin mining rig. There is one major caveat for customers who purchase this machine. They will have to part with half of their profits.
Kodak has actually licensed its brand to Spotlite, a company that develops and sells bitcoin mining rigs. The companies have come up with a new line of bitcoin mining rigs that they will essentially be renting to customers.
Kodak representatives are promoting the product called Kodak KashMiner at CES 2018. Interested customers will have to sign a two year contract and pay $3,400 upfront to rent the machine. That’s what supports the bitcoin network and mines new coins.
Image credit: Matt Weinberger/Business Insider
The agreement mandates that customers will have to part with half of all the proceeds that the machines generate by mining bitcoin. Their estimates suggest that customers will earn $375 per month with this machine and this will amount to $9,000 over the two-year period.
People were quick to point out a major flaw in this arrangement on social media after images of the promotional material were circulated. Bitcoin mining will gradually become more difficult over time so there’s no guarantee that those who purchase this machine will earn $375 per month.
Kodak is yet to comment about this arrangement.
Filed in . Read more about Bitcoin, CES, CES 2018, Kodak and Social Hit. Source: businessinsider