Electric Bicycle Allows Users to Earn Cryptocurrency by Riding
An electric bicycle distributor has come up with a novel way of celebrating their 15th year in business. 50 Cycles have decided to launch an electric bike that actually mines cryptocurrency for its rider.
Think Crypto Mining Can’t be Environmentally Friendly? Think Again…The range of bikes will be called Toba. They’re expected to be delivered in September. The cryptocurrency they mine is called “LoyalCoin” and according the an article in CyclingIndustry, these tokens will be released at a rate of about $30 for every 1,000 miles cycled.
Scott Snaith is the CEO and founder of 50 Cycles. He told the publication about his company’s plan:
“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.”
The LoyalCoins that customers mine through cycling can be redeemed at a number of stores that work with 50 Cycles. They can also be swapped for various other digital currencies – many of which are accepted at the company’s official website. Those customers that pay in cryptocurrencies for their products will be rewarded with exclusive discounts too.
Snaith then commented on his company’s commitment to exploring technological trends:
“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 tokenisation.”
The CEO also stated that there were plans to introduce a special digital currency just for use with Toba bicycles. The idea is that customers will be rewarded for their commitment to using green transportation.
In terms of specifics, each of the Toba bikes will each hold their own private key. Owners will be able to check on their coins, as well as spend them, using a designated mobile phone application.
50 Cycles are already offering discounts to customers who pre-order a Toba bike using cryptocurrency. This is part of the company’s commitment to promoting a digital currency economy.
Whilst this is certainly the first occasion that we’ve reported on of a non-computer product mining cryptocurrency for its users, it’s not the first time we’ve seen people attempt to come up with greener ways to mine digital currencies. Last year, we reported on two Russian entrepreneurs who were using the excess heat generated by crypto miners to heat their home. We also featured a cryptocurrency enthusiast from the Czech Republic who was able to extend his tomato growing season by heating his greenhouse in a similar way.