TRINITY'S 2nd Annual 2011-2012 Icing Challenge

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That bike is a Mukluk from Salsa Cycles over in Bloomington. The tires are 4 inches wide and run about 10 psi or less. It's a bush bike for adventure rides on sand, snow, mud, muck.... The common name is "Fat Bike".
A blog of my last ride.

My primary racing bike has hydraulic disk brakes and full pneumatic suspension (oil dampened) with 29 inch wheels as apposed to a normal 26 inch wheel. You need this hardware as race speeds are over 20mph and can reach into the low 30's. On the high end a Cube Elite will run you $14,000.

The 'thing' is a wireless computer sensor for ride metrics that can include GPS and topo mapping. You can add a "power hub" to record torque in Watts as well but that's $2,000 upgrade.