CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans | 2018-01-10 | daily-sun.com

CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans

Sun Online Desk     10th January, 2018 08:58:20 printer

CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans


Shares in photo firm Eastman Kodak soared nearly 120% after it revealed plans to mint its own crypto-currency, the KodakCoin.


The US firm said it was teaming up with London-based Wenn Media Group to carry out the initial coin offering (ICO).


It is part of a blockchain-based initiative to help photographers control their image rights.


Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York.


Details of this second scheme - which is being branded the Kodak KashMiner - were outlined at the CES tech show in Las Vegas.


Customers will pay up-front to rent mining capacity.


Kodak is the latest in a series of companies to see its value jump after revealing plans for blockchain-related activity.


Kodak was famously slow to join the digital revolution, and its hesitation to leave behind its film heritage cost the company its market.


Since its collapse in 2012, Kodak has licensed its brand to a variety of manufacturers, with the mark appearing on batteries, printers, drones, tablet computers and digital cameras.


The KashMiner operation will be run by Spotlite, a licensee that had previously teamed up with Kodak to use its brand to market LED lights.


Any Bitcoins generated by Kodak KashMiner will be shared between the customer and the business.


Each of the mining rig boxes - which include computer processors and fans to keep them cool - will use about the same amount of electricity as running a hairdryer around the clock.

But the scheme will be able to take advantage of Kodak's on-site power generating plant, which has had spare capacity since Kodak's heyday.


The company says it can power each rig for four cents per kilowatt hour, which is significantly cheaper than running a rig at home.


At Bitcoin's current value, an up-front investment of $4,000 (£2,954) for 24 months of mining could earn a profit of $500 a month.


Kodak's other initiative, the KodakCoin, is being created as part of an effort to build a global ledger of picture rights ownership that photographers can add their work to.


Associated KodakOne software will be used to crawl the web and find pictures that have been used without permission.


The company said it would then "manage the licensing process," so the photographer can be paid, in KodakCoin.


The company's shares traded more than 130% above their opening price after the announcement before closing the day 119.4% higher, reports BBC.