50cycles, a specialist electric bicycle manufacturer, has revealed what it has described as the world’s first range of cryptocurrency mining e-bikes. Toba, the new series of crypto mining bikes, are estimated to generate approximately £20 (approximately $26.5 USD) worth of ‘Loyalcoin’ per 1,000 miles ridden.
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UK Company Reveals Cryptocurrency Mining E-Bike
Founded in 2003, UK-based 50cycles describes itself as a specialist in “advanced electric bikes.” In what the company is claiming as a world first, 50cycles has revealed the ‘Toba’ – a cryptocurrency mining electric bicycle.
The company’s founder and chief executive officer, Scott Snaith, told media “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.”
Mr. Snaith describes the ‘pedal-powered crypto miners’ as being indicative of the company’s desire to engage with new technologies, stating “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.”
Cyclists to be Rewarded in ‘Loyaltycoin’
Bike owners are unable to choose which cryptocurrency is mined, with each of the electric bikes exclusively mining for ‘Loyaltycoin’, a token which will be redeemable in exchange for products available on the 50cycles website, or can be exchanged for leading cryptocurrencies through Loyaltycoin’s platform. At the time of writing, Loyaltycoin appears to have only been trading for approximately ten days, with current prices appearing poised to fall to record lows below $0.0044 USD.
Mr. Snaith stated, “At the moment
