Now its Official. Kodak is getting into Bitcoin Mining. 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. The news was unveiled at the recent CES 2018 gathering on wednesday in Las Vegas.
The Kodak Mining Rig as seen displayed at the recently held CES 2018 in Las Vegas
Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York. Customers will pay up-front to rent mining capacity. Shares in photo firm Eastman Kodak soared nearly 120% after it revealed plans to mint its own crypto-currency, the KodakCoin.
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.