Crypto mining bike was launched in Great Britain

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crypto mining bike

A crypto mining bike, powered by electricity was introduced by the British company 50Cycles, which is first of its kind.

An electric bike called Toba will offer a reward of £ 20 or $ 26.50 in LoyalCoin (LYL) token loyalty created to increase brand loyalty. The reward for every 1600 km will be £ 20 ($ 26.56) for every thousand miles of mileage. Monitoring of the mining is carried out using a special program installed on the smartphone, and private keys that confirm the right to own coins will be stored in the device on the vehicle itself.

“This is not only the first electric bike of its kind, it will also be the first tokenized product that will reward users, ” said Scott Snape, founder and CEO of the company.

According to him, the creation of a cryptocurrency miner with a pedal drive confirms the company’s desire to work with new technologies.

“Our company has always wanted to be one step ahead. Just like we saw the potential in electric bicycles 15 years ago in Tokyo, today we see great prospects in the technology of Blockchain, cryptocurrencies and product tokenization, “added Scott Snape.

50Cycles also noted that at this stage the company is cooperating with the  Loyaltycoin –  a start-up in Switzerland based in Zug, but in the future, Toba electric bikes will have their own token, which will join a large family of digital assets. LYL’s tokens are currently traded on only one exchange – Cryptopia.

It is expected that the first batch of such bicycles will appear on the market this fall, but they can not be called cheap: the cheapest model will cost £ 1695 ($ 2,250).