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 .