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CES 2018: Kodak Stock Soars After KodakCoin Crypto-currency Reveal

CES 2018 saw Kodak reveal its plan to enter the crypto-currency system and mint its own crypto-currency, the KodakCoin.

Screenshot from Kodak website

As a consequence, shares in Eastman Kodak soared almost 120 percent after the reveal. According to official details, teh firm will team up with the Wenn Media Group to carry out the initial coin offering (ICO). Additionally, Kodak plans to install rows of Bitcoin mining rigs in its Rochester, New York base. Customers will pay up-front to rent mining capacity.

Besides this, though, Kodak also talked about Kodak KashMiner, another scheme aimed at getting into crypto-currency. While certainly news for the brand, Kodak isn’t the first company to see its value jump after unveiling blockchain-related activities. What does make this notable, though, is that Kodak traditionally doesn’t embrace future technology as fast as its competitors. Historically, it resisted adapting digital photography when the technology boomed in popularity.

Spotlite will run KashMiner itself, while the customer and the business will share any bitcoins generated by KashMiner. No efficiency worries from Kodak, either. After all, each of the mining rig boxes will apparently use up the same amount of electricity as a hairdryer that runs for a whole day. In addition, this scheme will take advantage of Kodak’s on-site power generating plant.

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