If you’ve ever been cycling to work and found yourself thinking “This time could be better spent mining cryptocurrency” – well we’ve got the bike for you!
UK specialist electric bicycling merchant ‘50 Cycles‘ has launched an e-bike that literally pays you to ride. The bike, named TOBA, will generate cryptocurrency while you cycle, turning your burnt calories into digital coins. The bike has been called a ‘pedal-powered crypto miner’ and will hopefully introduce a whole new demographic of people to cryptocurrency.
Loyalcoin tokens are earned while pedaling and cyclists will earn £20 (approx $13) worth of tokens for every 1,000 miles ridden. Admittedly you’ll probably spend somewhat more money on energy bars over that distance but the concept is still very cool.
The e-bike is the first ever product of its kind to be tokenized in this way and sets the bar for future transportation and exercise device manufacturers.
“This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use,” said Scott Snaith, founder of 50 Cycles in an interview with Cycle Industry News.
Loyalcoins earned while cycling on the TOBA can be swapped for Bitcoin, Litecoin, XEM and Digibytes, or redeemed at a number of stores affiliated with the scheme. The 50 Cycles website also accepts payment in all the above-mentioned cryptocurrencies.
50 Cycles was one of the first companies to introduce electric bikes to Japan 15 years ago and is described by Snaith as a company that always moves ahead of the times. He says that while they are now working with Loyalcoin, in the future TOBA bikes will have a coin of their own.
Image From Shutterstock