ROCHESTER, NEW YORK — Kodak shares are now soaring after the company announced plans to get into the cryptocurrency business.
BBC reports that Kodak is launching an image rights platform with its own blockchain. Photographers register their images and instantly get paid per use with the company's own virtual currency, called Kodak coins.
To guard against copyright infringement, Kodak software will continuously search the web for violations and take care of licensing.
The company is set to host an initial coin offering on January 31.
Kodak's other initiative is the Kash Miner, a bitcoin mining rig box equipped with processors and a fan, that uses the same amount of electricity as a continuously-running hair dryer.
The machines will be rented out to customers for two years, with an upfront payment of $3,400, plus 50% of all proceeds generated by the machine from mining Bitcoin.
According to the company, customers should be able to earn more than $300 a month, or $9,000 overall.
Still, many are skeptical. Some critics believe Kodak is merely getting into cryptocurrency to raise stock prices. Whether that really is the case — guess we'll soon find out.