Also of note: according to the rules, it's open to Americans as well as Canadians:

http://mintchipchallenge.com/rules

It's also open to corporations in the same locations from a quick glance on my side.

My guess is that us foreigners could register a company in Delaware etc, and compete.

Keep in mind the grand prize is $17K, it's approximately $50K spread out amongst all the winners.

That's cute, but also pretty inconvenient.

I find it ironic that a new e-currency designed to remove the need for cash or cumbersome online payment methods would reward it's challenge winners with probably the most cumbersome currency; gold bullion.

How would they get the 17K in Gold to you? Is it delivered via FedEx?

Registered and insured mail