UK Company Releases Crypto Mining Bikes

UK company 50cylces has announced the release of bikes that can mine cryptocurrencies. They estimate that it will be possible to generate about $25 per every 1000miles.

First generation of crypto bikes

50cylces’ CEO, Scott Snaith, commented that the bike series isn’t something revolutionary, but they are the first kind to reward the riders with tokens.

The bike name is also known as ‘Toba’. The company believes that tokenization through the blockchain must be reached, and their decision plays a big role in bringing everyone closer to it.

The first batch of Toba bikes will be delivered in September. The users will be able to monitor their activity and balance through an app, while the bikes will have their own special private keys, which will make it possible to distinguish one bike from another.

Supported cryptocurrencies

At this stage, the cyclists will be rewarded in only one cryptocurrency, the Loyalcoin. The virtual currency is an exclusive token which users will be able to use in redeeming company’s products or exchanging for other cryptocurrencies.

The Loyalcoin has been around for two weeks and as for today, it accounts $0.004 with a $21 675 277 USD market cap.

While the company has the first e-bikes that mine crypto per covered distance, there have been quite many creative experiments in the past in which the users tried to recycle the energy used for mining.

John
 

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