People walk near the Kodak exhibit at CES in Las Vegas, Nevada, January 10, 2018. Photo credit should read David McNew/AFP/Getty Images)
The bitcoin price — which has been under significant pressure in recent months — has managed to maintain support despite another crypto-mining scandal.
Last night the technology company behind Kodak’s cryptocurrency mining scheme, Spotlite USA, confirmed its bitcoin mining operation has collapsed, after it was labelled a "scam" by critics and blocked by the U.S. Security and Exchange Commission (SEC).
A Kodak-branded bitcoin miner — which Kodak told the BBC was never officially licensed and that no devices had ever been installed — went on display at Kodak's official stand at the CES technology show in Las Vegas in January this year.
Spotlight had planned to rent the computers, called Kodak KashMiners, to people for a fee of $3,400 for a 24-month period — and promised returns of $375 a month.
After making those return promises, people found that the bitcoin price would need to hit an average of $28,000 per coin over those two years — a far cry from the $6,700 bitcoin is trading at today.
Meanwhile, Kodak announced in January plans for an initial coin offering (ICO) on the KodakOne platform, allowing people to register their work, license photographs, and search the internet for unauthorized usage.
However, just a day before was set to start, Kodak delayed the launch its cryptocurrency, citing the need to evaluate the status of potential investors.
The collapse of the Kodak-branded bitcoin mining scheme is the latest blow for cryptocurrency miners after a number of high profile scandals this year, including Facebook ads touting bitcoin mining rigs and illict websites hijacking people's computers for mining power.
The bitcoin price is currently at its highest for over a week.CoinDesk
However, this development has failed to dent the bitcoin price, which is currently at a seven-day high.
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