UK company specializing in the manufacture of electric bicycles has come up with the novel idea of creating the world’s first e-bike that mines cryptocurrency, writes Cycling Industry News.
The company 50cycles has come up with the TOBA series cryptocurrency mining electric bicycle which will earn users cryptocurrency as they ride, generating ‘LoyalCoin’ at a rate of around £20 worth to every 1,000 miles ridden.
After furious pedalling users will be able to cash in coins in a number of outlets and trade for major digital tokens, many of which are accepted on the manufacturers website, Founder, and CEO of 50cycles, Scott Snaith claimed, “This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenised and which issues reward for use.”
Snaith said that he was inspired by electric bikes being popularised in Japan and has basically adapted that idea to new technologies such as blockchain. He added, “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.”
He sees the project as an environmentally friendly concept as well as a crypto generating social environment rewarding those devoted to green transportation. By allowing discounts to those buying a TOBA using cryptocurrency, everyone wins.
Customer will be able to monitor their pedal power through a mobile app, monitoring their LoyalCoin token count as they go, and each bike will have its own owner’s digital key.
There have been a few reports of both companies and individuals finding ingenious ways to cut through the enormous use of power needed for crypto mining, such as the QC 1-Crypto heater which at a glance with its minimalist looks and shiny walnut top looks every bit like a home appliance, but actually it’s heating the users room using processors that are churning out Bitcoin whilst one sleeps, writes Co.design.
Alabama IT worker Lee, gave up his graphics card that he was using for Bitcoin mining for his bathtub, reports Motherboard. This turned out to be a much better tool for the job. By using ambient air pulled into a system to cool his ASICs and heated air pushed through a water-to-air intercooler pumped through from his bathtub, he generated enough computer heated water to keep his mining habits up to par.
The only problem was, he generated bathwater of 122F/50C, so fearing for the life of his pets he decided to halt his bathtub mining activities.
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