Auto-unlocking LUKS with keyfile from CD-ROM

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http://forums.fedoraforum.org – On the lines of this thread: Unlocking LUKS with USB key - method - seeking help to improve, I am trying to automatically boot a system with an encrypted drive by pointing it to a keyfile on a CD-ROM. I have revived this laptop to use it as a file server. This would enable me to boot the server when away from home. The reason behind trying the CD-ROM approach is that the USB port contacts are loose and proving to be unreliable. The boot process appears to go past the point where the password prompt comes up, but fails like so shortly after. Don't have a clue where to start investigating. An (HowTos)