Home Cryptocurrency News Earn Bitcoin You can now rent a Kodak-branded bitcoin mining rig — but you'll have to hand over half of the profits you make

You can now rent a Kodak-branded bitcoin mining rig — but you'll have to hand over half of the profits you make

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A promotional flyer
promoting Kodak’s new KashMiner bitcoin miner
Matt Weinberger/Business Insider

  • Camera company Kodak is partnering with a company to
    get into bitcoin mining.
  • Its stock soared more than 100% on Tuesday after it
    announced it was launching its own cryptocurrency.
  • Critics have attacked the company over the mining
    scheme amid fears of a cryptocurrency bubble.

Another day, another unusual company taking the dive into the
cryptocurrency space.

Kodak, the once-iconic camera company, is licensing its brand to
Spotlite, which builds computers specifically designed to mine
bitcoin, for a new line of bitcoin mining machines. The two
companies plan to rent use of the machines to the public for
thousands of dollars.

On Tuesday, at Kodak’s booth at CES, the tech industry trade show
going on in Las Vegas, representatives of the company handed out
flyers to promote the arrangement and the new mining computer,
dubbed the Kodak KashMiner.

Kodak and Spotlite are asking potential customers to sign a
two-year deal and pay $3,400 upfront to rent the mining machines,
which are used to support the bitcoin network and create new
bitcoins. As part of the agreement, Spotlite gets to keep half of
all proceeds the machines generate by mining bitcoin.

Spotlite and Kodak estimate customers will earn $375 a month —
making $9,000 overall over the two-year rental period.

A Kodak representative did not immediately respond to Business
Insider’s request for comment about the arrangement.

kodak kashminer bitcoinThe inside of the
promotional flyer for Kodak KashMiner detailing the terms of
Kodak’s deal.
Matt Weinberger/Business
Insider

But some Twitter users harshly criticized the new service on the
social network. Some argued that Kodak jumping into bitcoin
mining was evidence of a bubble in cryptocurrencies. Others
pointed out that because the difficulty of mining bitcoin
gradually increases over time, Kodak KashMiner customers may see
far smaller returns than they anticipated.

Among the reactions:

Such concerns haven’t put off some customers, however. Spotlite’s
existing capacity is already sold out, a company representative
told the
BBC
.

“At this time we have 80 miners, and we expect another 300 to
arrive shortly. There is a big pile-up of demand,” the
representative said.

The new bitcoin mining rental service was one of two
blockchain-related announcements from Kodak at CES on Tuesday.
The company also announced that it is teaming with Wenn Digital

to launch a blockchain-based rights-management service and
related cryptocurrency
. The service is aimed at tracking the
online use of licensed photographs and ensuring photographers get
paid for their works.

Kodak’s stock skyrocketed more than 117% Tuesday on the news.

The company is only the latest to see its stock soar after
announcing bitcoin- or blockchain-related news. Long Island Ice
Tea Company’s stock price recently tripled after it renamed
itself Long Blockchain,
and the stock of a franchisee of the Hooters

restaurant chain

also jumped
after it said it was moving into the space.

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