Singapore startup launches crypto-mining vehicles
A startup based in Singapore has announced a new fleet of blockchain-enabled electric vehicles with the ability to mine cryptocurrency while they travel.
CyClean will use the promise of cryptocurrency as a reward for those who want to help the environment by driving environmentally-friendly electric vehicles, which will initially be electric bicycles and motorbikes before the company moves on to cars.
The whitepaper reads: “It has been clear that previous ways of producing energy are not sustainable to our ecosystem. Although the voice is unanimous, the solution for environmental problems is in slow motion due to the constant demand of energy expenditure. We believe more incentives and innovative designs are necesasry to accelerate the green movement.
“Within our platform, users will be able to rent CyClean vehicles and products and get emission (sort of mining) of CyClean coin by using such CyClean products… This way of emission is more advantageous than previous ways of mining cryptocurrency because it does not waste enormous amount of electricity and it promotes long-term usages of CyClean products which eventually generates significant contribution to combat environmental problems.”
The relationship between cryptocurrency and the environment is usually a negative one, as the energy consumption of crypto mining has caused great concern around its sustainability.
However, there have been counterpoints to this argument in recent times, with research associate at the University of Pittsburgh Dr Katrina Kelly-Pitou recently writing about how Bitcoin isn’t necessarily the “bad guy”.
“I am a researcher who studies clean energy technology, specifically the transition toward decarbonised energy systems,” she said. “New technologies – such as data centers, computers and before them trains, planes and automobiles – are often energy-intensive.
“Over time, all of these have become more efficient, a natural progression of any technology: saving energy equates to saving costs.”