UK Company Launches Crypto Mining Electric Bicycle

June 16, 2018
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UK Company Launches Crypto Mining Electric Bicycle

50cycles, a specialist electric bicycle manufacturer, has revealed what it has described as the world’s first range of cryptocurrency mining e-bikes. Toba, the new series of crypto mining bikes, are estimated to generate approximately £20 (approximately $26.5 USD) worth of ‘Loyalcoin’ per 1,000 miles ridden.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

UK Company Reveals Cryptocurrency Mining E-Bike

UK Company Launches Crypto Mining Electric BicycleFounded in 2003, UK-based 50cycles describes itself as a specialist in “advanced electric bikes.” In what the company is claiming as a world first, 50cycles has revealed the ‘Toba’ – a cryptocurrency mining electric bicycle.

The company’s founder and chief executive officer, Scott Snaith, told media “This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use.”

Mr. Snaith describes the ‘pedal-powered crypto miners’ as being indicative of the company’s desire to engage with new technologies, stating “We have always been a company that moves ahead of the times by embracing the latest technology. Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency, and product tokenization.”

Cyclists to be Rewarded in ‘Loyaltycoin’

Bike owners are unable to choose which cryptocurrency is mined, with each of the electric bikes exclusively mining for ‘Loyaltycoin’, a token which will be redeemable in exchange for products available on the 50cycles website, or can be exchanged for leading cryptocurrencies through Loyaltycoin’s platform. At the time of writing, Loyaltycoin appears to have only been trading for approximately ten days, with current prices appearing poised to fall to record lows below $0.0044 USD.

Mr. Snaith stated, “At the moment we are working with Loyaltycoin to reward our customers but eventually the Toba bikes will have their own digital coin which will become one of thousands of currencies of the future, and the Toba will allow riders to become an integral part of its growth.”

The Toba bikes will hold their unique private key as proof of ownership, and customers will be able to monitor how many Loyaltycoin tokens they have generated through a mobile app. The bikes are expected to be delivered to customers in September.

Innovative Mining Experiments

UK Company Launches Crypto Mining Electric BicycleIn recent years, the cryptocurrency community has witnessed increasingly creative attempts to recycle energy for the purpose of virtual currency mining.

Last year, reports detailed the owner of a Tesla S who had installed a graphics processing unit (GPU) based cryptocurrency mining rig in his car to capitalize on the unlimited supercharging program made available to most owners of Telsa’s S and X models.

Last month, Motherboard reported on “Lee” – a man who sought to repurpose the heat generated through cryptocurrency mining to warm his bath. Lee described his experiment as being “a little too effective,” stating that he “left it running all day as it produced baths of up to 122F/50C. Dangerously hot, especially as I have a few pets who could fall in if they somehow gained access to the bathroom. I took the experiment down to preserve the safety of my living space. Safety is an absolute priority to me.”

What consumer products do you think will be next to mine for cryptocurrency? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Cyclingindustrynews


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