Kodak’s stock has more than tripled this week, since the once-giant of photography announced a pivot into blockchain technology and cryptocurrency.
Part of their move is a Kodak-branded mining rig called the KashMiner, which was showcased at this year’s CES. It’s created and run by a company called Spotlite, and has licensed the Kodak name.
Here’s how it works: Users pay $3,400 to rent the mining machine for two years.
Kodak claims the KashMiner will produce about $375 worth of new bitcoins every month, which would lead to estimated revenues roughly $9,000 over those two years.
But here’s the catch: You have to give back half your profits.
And others warn the $375 figure is exaggerated, as those bitcoin returns will diminish every month:
The company is also launching its own cryptocurrency, “KodakCoin.”