Why Are the Sacramento Kings Mining Ethereum (ETH)? | Crypto Gazette – Daily Crypto News, Articles & Tips

The Sacramento Kings popularly referred to as the Kings are an American professional basketball team based in Sacramento, California.

The Kings has reached a new milestone out of the NBA, by becoming the first sports team in the World to mine a digital currency.

The Sacramento Kings also hold the record for being the first sports team to accept Bitcoin as a payment option.

The Pro NBA team set the stage for another technological blueprint on Wednesday, June 27, 2018, when it announced a partnership that would see them become the first team in the world to mine Ethereum. (ETH).

How Would the Kings Mine Ethereum?

Fans of the Kings are well aware of the technological forwardness of the NBA organization, from a solar-powered arena (Golden 1 center) to accepting payments in Bitcoin (BTC) after a partnership with Bitpay in 2014.

The boast made by the Sacramento Kings of housing the most advanced technology infrastructure for a sports team might just be true.

The Sacramento Kings have struck a partnership with a leading cryptocurrency company MiningStore for the installation of the Ethereum Mining machines in the solar-powered Golden 1 Center.

According to the announcement, the Kings are not mining Ethereum for personal benefit or growth.

MiningStore will be installing the Imperium in Golden 1 Center; a model of MiningStore’s cryptocurrency mining machine.

The Imperium is currently valued at $4,950 for a unit on MiningStore’s official website. As at the time of this writing, the number of Imperium units to be installed in the Golden 1 Center remains still unconfirmed.

Why are the Kings Mining Ethereum (ETH)?

The principal owner of the Sacramento Kings, Vivek Ranadive announced that all proceeds from mining Ethereum will be used for a Multi-year scholarship program under the alias MiningForGood.

Ranadive explained that the charity program is aimed at inspiring the next generation of thinkers to create change in their respective communities around the world.

The Kings described the project as a charity for tech education and a workforce development program in Sacramento, California.

The first beneficiary of the project embarked on by the NBA organization would be an initiative geared towards empowering the black communities, called “Build. Black. Coalition” in Sacramento.

The NBA team is already working with Build. Black. Coalition which is described as a group of community leaders organized to support transformational change for black communities’ resident in Sacramento.

Speaking on the MiningForGood program his organization embarked on, Vivek Ranadive said;

“Opportunity begins when technology allows the world to find innovative solutions to complex problems”

Although the first sporting team, The Sacramento Kings are not the first organization to mine cryptocurrency for charitable works, UNICEF has previously mined Ethereum to raise funds for Children in Syria.

Montoya, a Spanish footballer is of the opinion that other NBA and sporting teams from across the globe could see the MiningForGood program as a challenge and embark on other mining projects for charity just like the Sacramento Kings have done.