Innovative solutions for cryptocurrency mining seem to be cropping up more and more. A few months ago, we actually reported on a cryptocurrency mining heater that used the heat generated from GPU’s in order to heat an element which in turn would be used to provide heat to your home. The device, albeit super abstract, seemed to fall straight out of a dystopian thriller novel. This latest concept – a cryptocurrency mining bicycle seems to follow just that trend.
Supper innovative, yet a little freaky.
According to a report by Alphr, UK based bicycle manufacturers, 50cycles, have created an electronic bicycle that uses pedal power to mine for cryptocurrency. At present, the bike mines LoyalCoin, allegedly at a rate of around £20.00 per 1000 miles.
To put that into perspective, based on an average cycling speed of 15 kph, it would take the user around 107 hours of cycling to reach 1000 miles. That’s four full days of none stop cycling, for a reward of around £20.00.
Interestingly, when cycling burns around 650 calories per hour (as a rough average) in order to get your £20.00 payment, you would need to burn 69,550 calories. Based on the UK recommendation for males to consume 2500 calories per day, that’s just under 28 days’ worth of calories.
Is it worth it? Probably not. But, the technology and potential behind it is pretty cool, you have to admit.
The bicycle, named Toba, pairs with a smartphone app which allows users to monitor how many LoyalCoins they have successfully mined. According to Alphr, Scott Snaith the founder of 50cycles has said:
“At the moment we are working with LoyalCoin to reward our customers, but eventually the Toba bikes will have their own digital coin which will become one of thousands of currencies of the future, and the Toba will allow riders to become an integral part of its growth. As the technology improves, we envisage that our customers will be as excited as we are when they start earning rewards simply for using the product they choose to own.”
You can see the full article for yourself, here-
You can also see more from 50cycles and subscribe for more information about the Toba bike, here- https://www.50cycles.com/electric-bikes/brands/toba
Overall, at the very least this is a great way to encourage people to get fit in return for cryptocurrency incentives. It provides an excellent example of how blockchain technology can literally be integrated into anything, and, moreover, how blockchain technology can be used to create real life, innovative incentivising solutions.