Is Sears Going Bitcoin Mining And Why Is The Retail Giant Investing In Crypto Currency?
Rumors have spread that Sear’s will use some of it retail stores to mine the digital crypto currency. Sear’s is already using Bitcoin.
Bitcoin mining has become very big business — one that Chinese entrepreneurs have built a vast infrastructure to exploit. The New York Times reports on the bitcoin mining boom in rural China, where firms have set up vast server farms to help maintain the bitcoin blockchain by solving cryptographic problems in return for payment in bitcoins.
Bitmain China is one firm cashing in, operating a bitcoin farm on the outskirts of the Gobi Desert near the Mongolian border that mints $318,000 worth of bitcoin each day.
Also Kodak is forming a joint venture with London-based Wenn Media Group to launch KodakCoin, a blockchain-based initiative to help photographers control their photo rights. It is also launching Kodak KashMiner, to put bitcoin mining machines at its Rochester, NY, headquarters. “Kodak has always sought to democratize photography and make licensing fair to artists,” said CEO Jeff Clarke. “These technologies give the photography community an innovative and easy way to do just that.”
And the big news is that Kodak’s shares yesterday in one day rose to 120%!
And Sears holding is already using a digital gift card platform that enables you to buy, send gift cards from hundreds of top retailers such as Sears, Amazon, iTunes, Starbucks, Target, and many more.
Gyft is an interesting online service for purchasing gift cards for leading online retailers such as Sears, Amazon, iTunes, Starbucks, Gamestop, Facebook, Nike, Staples, Target, Victoria’s Secret and many others that accepts Bitcoins as well as other typical payments methods. This allows you to actually shop with Bitcoins in stores that normally do not accept crypto currency payments directly, by first obtaining a gift card for a given amount that you pay for with Bitcoins. Of course you can also send the gift card to someone else in the form of a gift that the receiver can use in the specific store and you can pay with crypto without first having to go through an exchange to turn the Bitcoins in USD for example.
We are excited and waiting to see what Sears 2018 and crypto currency will bring to the retail giant.