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Munga South Africa mountain bike race to award winners 1.5 BTC

Munga South Africa mountain bike race to award winners BTC

Munga MTB, a South Africa mountain bike race, will see 150 bikers sweat it out in the heat for the top prize. However, in 2020, the winners will be awarded 1.5 BTC of prize money. First started in 2015, Munga MTB is organized in December and is sponsored by Bitstamp.

Munga South Africa mountain bike race is a single-stage, non-stop event that spans the tough Karoo terrains. Riders have to complete 120 hours of cycling or cover 1,000 KM to complete the race. Furthermore, they can trek five race villages with ample resting venues, mechanical assistance points, and watering points. The arduous competition is organized in a hostile South African environment with high temperatures.

Munga South Africa mountain bike race sets a precedent

Mountain bikers from various countries converge in South Africa for some serious pedaling action. Munga MTB director, Alex Harris, sheds light on the three categories of the competition namely women, men, and the development group. The crypto prize money is divided equally among the three winners from these categories, respectively.

Harris further adds that the proposal to award prize money in the crypto form was floated by Bitstamp. Subsequently, the crypto BTC prize was distributed among the winners last year also.

Munga organizers looking to mainstream crypto

Alex goes onto explain how money actually reaches the winner’s wallets. It is well-known that the country’s central bank has no formal cryptocurrency regulations, and hence prize distribution becomes a hassle.

Bitstamp solved the problem by depositing the 1.5 Bitcoin into a dedicated Munga Bitstamp account. Interestingly, winners can also choose to convert their BTC into South African Rand or simply inform Bitstamp to hold the crypto-asset in the same account under their name. If sold, the 0.5 BTC is instantly converted into Rand and transferred into their designated account. Munga South Africa mountain bike race is one step toward making crypto mainstream.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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