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The latter type of lamp features better efficiency (in converting electric power to light), longer lifetime and very robust construction - to name just a few advantages. However, unlike conventional filament lamps, high-power LEDs are far less forgiving in electical supply. If over-powered - be it for a split second - they tend to heat and burn. Then, the main issue is to regulate the (direct) current through the LED, by use of current-limiting electronics. Two popular simple versions are shown here.
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To start with, bike electical systems typically include a dynamo, producing alternating current (AC). On the other hand, LEDs are polarised devices, operating on direct current (DC) - the one i used is a 1 Watt star rated at 350 mA. Both circuits above use a simple AC-DC converter, consisting of a full-wave rectifier bridge followed by a smoothing capacitor C1. The value of C1 relates to the frequency of the AC current produced by the dynamo (which, in turn, is proportional to the bike’s speed). I found out my bike’s hub dynamo (a 28-pole Shimano DH 3N70, rated at 6 Volt / 3 Watt) alternates at approximately 1,7 Hertz per km/h. For a typical speed of 10 km/h, the period is 60 ms, which - combined with an internal resistance of 8 Ohm leads to a rough-cut estimate of an ideal capacitor in the order of several milli-Farad. This is far beyond the space allowance of the fixture, thereby this simple learning: use the largest capacitor that mechanically fits. Point (and pray).
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As expected, the light flickers at low speeds - however, once on the go, the white LED produces a cool bright beam.