Bitcoin Prize For Winners Of South Africa Mountain Bike Race

About 150 mountain bikers will compete at this yr’s version of the Munga MTB race in South Africa. The race will start within the first week of December. The highest three finishers in every class will share the 1.5 bitcoin in prize cash.

The Bitstamp sponsored race was launched in 2015. Bikers from South Africa, in addition to these from all over the world, will participate within the occasion. Alex Harris is the director of the Munga MTB.

Ultimately yr’s occasion, the prize cash was 1.5 bitcoin that was divided into three classes; males, girls and the event class. The third class options non-white bikers.

Every class is awarded zero.5 bitcoin that can be cut up between the highest three finishers. In accordance with Harris, the prize cash for this yr’s race has not modified.

The Munga MTB race runs over somewhat greater than 1000 kilometres by the semi-desert karoo, and there are 5 race villages the place riders can relaxation, eat and get mechanical help.

There are additionally a number of water factors positioned between 60 and 90 kilometres aside.

Harris explains that it was Bitstamp that approached them with the concept of “utilizing bitcoin as prize cash.” Consequently, the prize cash on the time was “transformed into the equal in bitcoin.”

In the meantime, Harris additionally explains the method of distributing the prize cash to winners. He says because the South Africa Reserve Financial institution (SARB) has not formulated cryptocurrency laws, the 1.5 bitcoin “goes to a Munga Bitstamp account.”

The prize winners can “elect to carry onto to their bitcoin, or instruct us to promote.” If winners select the latter, a precise quantity of the South African Rand foreign money will get transferred from the Munga to their account.

What do you consider Munga’s concept of giving bike racers bitcoin as prize cash? Inform us your ideas within the remark part beneath.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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