The first championship ever was arranged in Tankavaara as early as 1974, and the world championships in gold panning of today date back to the competitions held here in 1977. It was a modest event, where some 80 participants and perhaps a few more spectators attended the competition which took place on the bank of the little Hopiaoja creek.

The competition increased international cooperation, and every year gold panners assemble in some part of the world to compare their skills, renew friendships, and exchange news. At the same time, the visitors are introduced to the gold fields of the host country, 20 countries now organize regional and national competitions in gold panning and support the World Championships, which are run under the auspices of the World Goldpanning Association (WGA).

The Finnish Open Gold Panning Championship is arranged here in Tankavaara every summer, nowadays during the last week of July. Over the years, it has become the highlight of the summer for all prospectors and gold enthusiasts. The informal, unwritten rules of the early years have been replaced by a detailed set of rules drawn up by the international associations. The competition consists of several series - for veterans, beginners, women, men and for junior panners. The Finnish Gold Panning Championship is a true festival with colourful personalities, interesting activities, and a jovial atmosphere for everyone to enjoy. The festival is not limited to panning competitions only, but the whole weekend is full of events.

In the competition, every competitor gets a portion of sand (about 20 kg), which must then be panned as quickly as possible. There are 5–12 gold chips in each portion, and they must all be found and put into a tube half filled with clear water. The maximum panning time is 20 minutes, and each lost chip adds 5 minutes to the panning time. The best competitors pan the whole portion in one and half minute and find every chip.