While news of a professional basketball team mining cryptocurrency is a surprise to some, long-time Sacramento Kings fans are well aware of their team’s tech savvy nature. Team owner Vivek Ranadivé made his fortune in the tech industry, and brought that passion for the future into his sports franchise.
The Kings became the first sports team to accept payment in Bitcoin back in 2014, alongside efforts to broadcast games in virtual reality. The team will begin mining Ethereum (ETH) in order to fund a new scholarship and community outreach program known as MiningForGood. Partnering with MiningStore.com for equipment, they hope that this new organization will help energize a new generation of innovators.
The Plan for MiningForGood
The Kings will assemble the mining operation in their Golden 1 Center arena, using Imperium ASIC rigs. Ranadivé stated that the MiningStore.com hardware was chosen for ‘durability and efficiency.’ The creation of this mining facility would make the Golden 1 Center a Tier 4 Data center – the highest rating possible, with the center standing as the first professional sports arena to attain the classification.
The funds generated through Ethereum mining will initially focus on transforming local black communities through outreach programs and scholarships. The Build. Black. coalition is a local Sacramento non-profit that invests in black neighborhoods and communities, formed from a group of community leaders.
Cryptocurrency Charity Contributions
The cryptocurrency sphere is no stranger to charitable acts. Alongside donations in the form of various cryptocurrencies, entire coin communities have banded together to “Do Good” in the world. Alongside a dose of good humor and self-deprecation, DogeCoin is well known for providing donations to various charities. The massive Doge4Water campaign saw DogeCoin investors donate thousands of dollars to providing clean water in Kenya. This included a single tweet to an automated system that donated $11,000 USD worth of DogeCoin.
Further, the more corporate minded Ripple Foundation donated $29 million USD earlier in 2018. The donation was announced on the Stephen Colbert show, and went to funding every single project posted on the site DonorsChoose.org. The site is used by school teachers in the United States to crowd fund projects for their students.
By: Adam Stone