I saw this on Coindesk the other day, didn't realise it had made it to the telegraph. It's an interesting concept, defiantly something to keep an eye on for us in the UK.

Shepherdson estimated that it would take between ten and 12 weeks for the council to mine enough coins to pay for the hardware it had bought to power the project. After that, the scheme would be in profit. The authority is currently mining with a computer fitted with two powerful Sapphire R9 290X graphics cards.

Rather than being based on the most popular digital currency in use today, Bitcoin, HullCoin is a hybrid of two other coins called FeatherCoin and Ven.

“The idea is that we’ll provide it to people on low incomes for them to pay for things that they wouldn’t otherwise be able to pay for, particularly food and fuel. It’s a very different sort of project,” he said.