Abstract: A noise reduction device is provided that mounts at the intersection of a pair of spokes of a bicycle wheel. The noise reduction device can also have magnetic properties for use with a bicycle monitoring device. In a preferred embodiment, the noise reduction device is a magnetic device that has a body portion and a magnet. The body portion has at least one spoke-receiving recess on one side, and at least another spoke-receiving recess on the other side. In an alternate embodiment, the spoke-receiving recesses are irregularly shaped, so as to accommodate a variety of spoke angles. When the magnetic device is used with a monitoring device, it communicates with a sensing device, which is adapted to be coupled to a portion of the bicycle that is adjacent to a wheel of the bicycle. A display unit is adapted to be mounted on handlebars of the bicycle for displaying the speed of the bicycle or other information obtained from sensing the rotation of the wheel.