Tuesday, March 26, 2019

50cycles, a UK Company, Introduces the First Cryptocurrency E-Bike

50cycles, a UK based electronic bicycle distributor, celebrates its 15th year in the industry by launching the world’s first e-bicycle which mines cryptocurrency. This e-bicycle called “Toba” is expected to be released in September, according to an article published by Cointelegraph.

50cycles, has partnered with Loyaltycoin, a client-loyalty oriented digital coin for the said e-bicycle project. When people ride their e-bikes, they will earn approximately £20 (26.5 USD) per 1,000 miles. The earned tokens by the riders can be exchanged for other cryptocurrencies through Loyaltycoin’s platform or can be used as payment for items available on 50cycles’ website. Moreover, clients will be given exclusive discounts when they purchase  products from the  mentioned website using cryptocurrencies.

Toba bikes will have their own private key. Owners can monitor their digital coins by using a mobile application.

For the meantime, riders don’t have an option as to what cryptocurrency to mine or to earn. It exclusively uses Loyaltycoin. However, according to 50cycles, they will come up with their own digital coin for Toba that will eventually become one of thousands of coins.

Scott Snaith, the company’s CEO, commented on the company’s interest in exploring new technologies, he stated “ 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.”

While Toba is the first product to introduce the “ earth-friendly” way in mining cryptocurrency, there’s an increasing number of attempts in utilizing creative and greener means to mine cryptocurrencies. One of these as stated in BTC News, there were Russian businessmen who used the excess heat caused by cryptocurrency mining to warm their houses.

With all the innovations in finding “green” ways to mine cryptocurrency, it is not surprising that there will be another green cryptocurrency mining product that will be introduced in the market in the next few months.

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