About 150 mountain bikers will compete at this year’s editionof the Munga MTB race in South Africa. The race will commence in the
first week of December. The top three finishers in each category will
share the 1.5 bitcoin in prize money.
The Bitstamp sponsored race was launched in 2015. Bikers from South
Africa, as well as those from around the world, will take part in the
event. Alex Harris is the director of the Munga MTB.
At last
year’s event, the prize money was 1.5 bitcoin that was divided into
three categories; men, women and the development category. The third
category features non-white bikers.
Each category is awarded 0.5
bitcoin that will be split between the top three finishers. According to
Harris, the prize money for this year’s race has not changed.
The
Munga MTB race runs over a little more than 1000 kilometres through the
semi-desert karoo, and there are 5 race villages where riders can rest,
eat and get mechanical assistance.
There are also several water points placed between 60 and 90 kilometres apart.
Harris
explains that it was Bitstamp that approached them with the idea of
“using bitcoin as prize money.” Consequently, the prize money at the
time was “converted into the equivalent in bitcoin.”
Meanwhile,
Harris also explains the process of distributing the prize money to
winners. He says since the South Africa Reserve Bank (SARB) has not
formulated cryptocurrency regulations, the 1.5 bitcoin “goes to a Munga
Bitstamp account.”
The prize winners can “elect to hold onto to
their bitcoin, or instruct us to sell.” If winners choose the latter, an
exact amount of the South African Rand currency gets transferred from
the Munga to their account.
source link : https://news.bitcoin.com/bitcoin-prize-for-winners-of-south-africa-mountain-bike-race/
