One has to commend companies for trying to put a different spin on cryptocurrency mining. Although this industry remains very popular, the concept of mining cryptocurrencies has also gotten a very bad reputation lately. A new startup claims they will use electric vehicles to mine cryptocurrencies, even though it remains to be seen how that will play out exactly.
Mining Cryptocurrency in a Different Way
A couple of interesting changes have begun taking shape in the world of crypto mining over the years. Despite the influx of at-home miners and rising graphics cards prices throughout late 2017 and early 2018, it seems that problem has solved itself due to falling cryptocurrency prices. However, it does not necessarily make the concept of mining Bitcoin or altcoins any less attractive to the right parties.
In fact, it seems more Bitcoin mining facilities are popping up than ever before. In some cases, the companies rely on existing power grids and infrastructure to power their mining operations. Other companies simply build their own facilities to access renewable energy sources and make the best of the situation. It is evident there is a growing desire to mine Bitcoin, a sit remains a rather lucrative business model.
In the case of blockchain startup CyClean, the future of crypto mining will look very different from today. The company is trying to let electric vehicles mine cryptocurrency. Considering how the entire world seems to be abuzz with excitement regarding electric vehicles, there may be some merit in exploring such an option in the end. As the user travels around with the vehicle, they will be rewarded in cryptocurrency for doing so.
Although it is a bit unclear how the mining process works exactly, it is not something the end user needs to be worried about. CyClean is intent on maintaining a fixed amount of daily rewards for users. Those rewards are distributed based on the number of users who travel the furthest distance for that day.. For cars, that will be a bit different compared to electric bikes and solar panels, as rewarding those users is a lot more straightforward.
Although this idea seems interesting, it remains doubtful CyClean will achieve any major traction in the near future. Despite successfully conducting a successful ICO, it remains to be seen if anyone will even show an interest in this particular concept. After all, one has to gain sufficient market traction on a global scale to make a project like this work efficiently. For now, no such traction is to be noted.
It is not the first time the concept of cars and “mining” cryptocurrency come together. A while ago, one user turned his new car into a full-fledged cryptocurrency mining rig. By inserting a GPU mining rig in the trunk of the car, he could effectively use the car’s battery power to mine Bitcoins while he was not driving the vehicle. Efforts like those show the crypto mining industry is in a good place right now.