NBA team Sacramento Kings to mine Ethereum [ETH] currency

Sacramento Kings, the American professional basketball team on Wednesday announced a charitable programme called “MiningForGood”. The team started mining using “Nvidia”- the mining rigs, bought from a partnership with the MiningStore. The team is said to install cryptocurrency mining machine in tire 4 data center in a professional sports arena. It is the first team in the world to “mine” digital currency.

Sacramento Kings Twitter post | Source: Twitter

Sacramento Kings Twitter post | Source: Twitter

Sacramento Kings are an American professional basketball team based in Sacramento, California. Kings owner, Vivek Ranadive is the founder of “Tibco”, a real-time computing software company and because of this, Kings are considered as one of the more tech-savvy teams.

Ranadive commented:

“Opportunity begins when technology allows the world to find innovative solutions to complex problems.Through MiningForGood, not only will we raise funds to help with workforce development and training, we aim to inspire the next generation of tinkerers and thinkers to create change in their own community and around the globe.”

How do they plan on mining?

The kings are said to station MiningStore’s “Imperium” model machines that are said to mine “Ethereum cryptocurrency”. These machines will check other coin users’ transactions by solving complex mathematical problems that will result in a share of transactions returning to the “MiningForGood” program. Their Press Release mentions:

“The Kings partnered with MiningStore because of their durable and efficient computers.”

Sacramento Kings, MiningForGood, and “Build. Black.”

The MiningForGood grants intend to support workforce development and technology education programs in Sacramento through a partnership with the “Build. Black. Coalition.”.  The Kings recently announced a partnership with Build. Black. to “fundamentally transform Black communities through deep investment in Black youth” in the city.

MiningStore was founded in the year 2015 by John Paul Baric for developing efficient and durable rigs. Baric mentions:

“The Sacramento Kings are pioneers in exploring cryptocurrency and its potential impact. We’re thrilled to partner with a forward-thinking organization that looks for ways to create positive change – through technology or sports.”

In 2014, the Kings became the first NBA team to accept Bitcoin as payment for both tickets and its merchandise.

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