The startup hopes to resolve two environmental unfriendly problems: mining cryptocurrency and traveling using carbon emissions.
Mining is Unprofitable and Inefficient
It takes a village to mine widely circulated coins like Bitcoin as it needs many rigs and lots of power to solve the amount of blocks flowing through the blockchain. That is why many companies are creating energy-efficient ways like solar farming to maintain profit without burning an entire country’s energy supply. While these tactics work on a large scale for companies hoping to make a profit, it doesn’t help individual miners.
CyClean brings eco-mining to solo miners using rentable electric vehicles and solar panels. This allows anyone to mine efficiently while removing even more carbon from the air by traveling using clean energy.
Sharing Economy with Reward-based Travel
The concept of sharing commodities like electric vehicles is combined with a reward-based economy of travel. Cyclean works by replacing the exhaust with a central server. This will track the distance or watts accumulated by the users in order to calculate a reward. Users get paid in CyClean coins that can be used to rent other vehicles and devices.
This eliminates the need to purchase personal vehicles, cuts emissions and replaces them with green-energy, and creates a viable way to mine cryptocurrencies.
Successful ICO and Upcoming Airdrop
At the completion of their ICO on August 21st this year, the startup as well exceeded their hard cap of 106,000 ethereum with a total of $1,060,000 raised. There are over 65 million coins in circulation holding steady at about 0.01 with a market cap of $656,697. It is ranked as the 17th most traded coin on HitBTC, according to Coinmarketcap.com.
An airdrop is underway that will reward coin holders who keep 80% of their coins in a CyClean wallet. The coins will be distributed on January 2, 2019.
The company is launching WiFi-connected devices that support green-sports like a workout wrist band, stationary bike, and outdoor bicycle. They are also developing motorcycles and solar panels while conducting research on electric vehicles and self-driving cars.
The fact that the technology behind the startup solves two major environmental and economic issues shows that it has a future. It also has the potential to involve other altcoins as mining becomes more and more difficult in a growing market.