Pedal-powered mining: Specialized e-Bike rewards users with crypto

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UK-based electric bike specialist 50cycles has entered the cryptocurrency mining race with a new e-bike that lets its user earn cryptocurrency per miles ridden. The company’s new series of e-bike, called Toba, is able to mine cryptocurrencies as the biker rides to work, along the sidewalks or even in competitions. According to reports, Toba will be able to generate about €20 (US$26.5) worth of “Loyalcoin” for every 1,000 miles ridden per bike.

The electric bike will only be able to mine Loyalcoin, which bikers can use to buy products from Loyalcoin’s network of retailers or trade for cryptocurrencies like BTC, LTC, XEM or Digibytes.

50cycles announce world's first cryptocurrency e-bike https://t.co/kDTTmvYJra

— 50cycles Distribution (@50cycles) June 18, 2018

Scott Snaith, CEO of Leicestershire-based 50cycles, said while the company is currently working with Loyalcoin, “Toba bikes will have their own digital coin which will become one of thousands of currencies of the future.” Loyalcoin, which ranks 281 out of 1,627 crypto coins on CoinMarketCap, has only been trading for less than two weeks, with prices at $0.0040 level at press time.

To prevent owners from losing their bikes as well as their hard-earned tokens, the company has created unique private keys for the bike owners. Bike owners will also be able to monitor their tokens using a mobile app. 50cycles expects to start commercially distributing its crypto mining e-bikes in September.

“The Toba will allow riders to become an integral part of its growth—as they earn rewards simply for using the product they choose to own,” Scott said in a statement. “We want to make sure that we give our customers a life-changing experience, with a tangible product, for the commitment they make to the new Toba tokenized electric bike.”

Blockchain technology is opening up innovations and opportunities across the globe. However, the cost of mining cryptocurrency has forced many to think of creative ways to utilize the already existing energy. In January, an app called Sweatcoin sought to reward walkers with cryptocurrencies, paying users for the steps they made in a day. Users can use the coins they earned to avail various in-app offers. Last year, a Tesla owner also utilized the power being generated from his car, installing mining equipment in his car to help mine cryptocurrencies.