MyWhoosh is offering real Bitcoin prizes to riders in its latest virtual challenge

MyWhoosh, the free-to-use virtual cycling app based out of the UAE, has launched a new monthly challenge today named the MyWhoosh Treasure Hunt.

This is a virtual cycling event that's a little bit different, as it seems the brand is offering actual Cryptocurrency as a prize for winning riders. The challenge will run every month and offer 1/12 of a bitcoin as a total prize, which will be split evenly between all winners each month.

MyWhoosh is calling the treasure hunt a 'community engagement initiative'. Unlike the platforms Sunday Race Club, which offers real prize money to the winners of very competitive e-races, this challenge has exploration in mind, and no racing is involved.

All open MyWhoosh worlds will be available to explore, and riders will have one hour to explore and find a 'Treasure Gate', which will only be on one route, in one single world. The brand states there will be no clues, maps or hints. So in essence, this is a mystery virtual treasure hunt to win digital cash.

The first MyWhoosh Treasure Hunt will be on the 10th of January at 1 pm GST.

Bitcoin is a type of digital currency. As of today, a single Bitcoin is valued at $93,401. 1/12 of this amount is $7783. Meaning that currently January's Treasure Hunt would have just under an $8,000 prize to split between winners.

Entry requirements

MyWhoosh has outlined some qualification criteria for riders who want to participate, though they are nowhere near as stringent as some of the requirements for virtual e-racing.

Riders wanting to participate in the Treasure Hunt will need to accumulate 60 kilometres of virtual riding on MyWhoosh in the week prior to an event starting each month. They will also need to connect a heart rate monitor and smart turbo trainer to the application.

According to the MyWhoosh website, the start time and notice period may vary from hunt to hunt, and announcement times will vary each month. It seems the brand is aiming to promote use of the app with the 60km qualification ride, which is required each month before the challenge starts.

The bitcoin prize will be shared equally amongst all riders who find the treasure gate each month, after meeting qualification requirements and passing 'post-event verification', though details on this aren't expanded on currently.

There's no way to know how many riders may end up victorious each month, but based on Bitcoin's valuation as of today, the value of riders' winnings could be heavily diluted if there are a large number of winners.

The platforms SRC (Sunday Race League) has a far larger prize fund, which, according to the MyWhoosh website, runs to tens of thousands of dollars every week. It's reported that some top e-racers make around six figures per year racing competitively on MyWhoosh.

Users apparently do not need a crypto account to participate, and verified winners will receive an email with details on how to withdraw funds to their wallets.

MyWhoosh is backed by UAE government support, which goes some way to explaining the brands free to use model and the prize money on offer for its race league and now the Treasure Hunt challenge. This is surely the first time that cyclists have had the opportunity to win cash prizes by just going for a virtual ride.