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Bitcoin Prize For Winners Of South Africa Mountain Bike Race

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 begin within the first week of December. The prime 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 around the globe, will participate within the occasion. Alex Harris is the director of the Munga MTB.

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

Each class is awarded 0.5 bitcoin that can be break up between the highest three finishers. According to Harris, the prize cash for this yr’s race has not modified.

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

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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.”

Meanwhile, Harris additionally explains the method of distributing the prize cash to winners. He says for the reason that South Africa Reserve Bank (SARB) has not formulated cryptocurrency rules, 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 forex will get transferred from the Munga to their account.

What do you concentrate on Munga’s thought of giving bike racers bitcoin as prize cash? Tell us your ideas within the remark part beneath.

The publish Bitcoin Prize For Winners Of South Africa Mountain Bike Race appeared first on Bitcoin News.

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