'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   414

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.

Vietnam to Ban Cryptocurrency Miners Import

Vietnamese companies and citizens stopped importing mining equipment in early July in accordance with the order of the customs service of Ho Chi Minh City
13 August 2018   103

After several months of thinking, the Vietnamese authorities approved a ban on import of crypto-currency mining equipment, CCN reports.

Vietnamese companies and citizens stopped importing mining equipment in early July in accordance with the order of the customs service of Ho Chi Minh City. Representatives of the ministry said on Monday that in the first half of 2018, 3 664 devices for mining were imported to the country. 3 000 of wentfell on four enterprises, while the remaining devices were imported by individuals and companies that did not provide their tax code. Most of the devices turned are Antminer miners.

The Ministry of Finance of Vietnam for the first time proposed to ban the import of equipment for mining in June, after the authorities decided to tighten control over the cryptocurrency sector against the backdrop of the spread of fraudulent schemes. 

The Ministry of Finance demanded that state structures strengthen control over the import and use of equipment for the mining of cryptocurrencies. In July, the central bank of Vietnam agreed to support the proposal of the Ministry of Finance.

The Ho Chi Minh City Customs Authority reports that in 2017 9,300 ASIC devices were imported into the country. Cryptocurrency is not allowed for use in Vietnam. The central bank of the country refused to include it in the list of non-monetary payment means, which include checks, payment orders and bank cards. Violators of the law, including among ordinary users, face a fine of up to $ 9,000.