Bitcoin Mining with Kodak – Holy Cash Cow Batman!
We didn’t expect CES to be ground zero for Bitcoin mining news let alone a KodakCoin ICO but surprise surprise: Bitcoin Mining with Kodak was announced today at CES in Las Vegas as well as a Kodak ICO, It is part of a blockchain-based initiative to help photographers preserve and protect their image rights.
Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York. I’ve reviewed the outlines of their Bitcoin mining plans and I’m skeptical. It should come as no surprise to anyone that I am an advocate of Bitcoin mining in only its purest form; the bitcoin miner owns the equipment, pays the electric bill and runs the whole show. And gets all the profit.
Kodak is adopting something akin to a cloud mining arrangement in that customers will pay up-front to rent mining capacity. In as much as I am more sentimental than most and would be filled with joy to see Kodak conquer the 21st century I am less than keen in any form of indirect mining. Bitcoin Mining with Kodak is something I don’t see as feasible given my preferred – and far more profitable – choice to be both owner and operator of the Bitcoin mining operation.
Then there’s the KodakCoin ICO announcement. Talk about a double whammy!
The KodakCoin is being created as part of an effort to protect the rights of photographers and artists with regard to the pictures they produce. Kodak will crawl the web in much the same way search engines do to find pictures that have been used without permission. Getty Images has been doing this for years with an easy-to-understand approach; Getty Images demands immediate cash payment to avoid legal action. How will the KodakCoin be applied to a similar situation remains to be seen.
We applaud this as a double-edged salute to Kodak’s 20th century legacy while embracing 21st century economics delivered via blockchain.
Kodak could be pulling a phoenix-like rising from the ashes moment here. This application of blockchain technology has gained my respect even if its attempt at indirect Bitcoin mining has not.