The Sacramento Kings plan to use cryptocurrencies to better the Sacramento-based community.
The well-known basketball team will mine Ethereum in an arena-based data center; the team will be a part of the new MiningForGood initiative. The Kings will help generate cryptocurrencies to aid Sacramento-based causes. The first initiative is aimed at supporting the ‘Build Black Coalition’ which will help local black residents with technology education and workforce development. The Sacramento Kings are the first ever team in the world to mine digital currencies.
The team is engaging MiningStore-made crypto machines to solve the complicated math to validate coin transactions; a part of the transactions go to MiningForGood. The team’s initiative is a great step to help overlook the Kings rather poor performance in the last NBA season.
Taking advantage of new technology to support charitable work
Blockchain technology is a distributed network that is currently helping charities across the world. As a secure online ledger, which is easily accessible to everyone on the network, organizations in every corner of the world can stay in touch with sponsors and providers.
Transferring cryptocurrencies is much easier than sending fiat money as the path is transparent and all donations will be recorded and time-stamped on the ledger. Tracking and monitoring money and packages are reliable and easier through blockchain technology.
The idea to actually mine cryptocurrencies to provide for the community is not a new one; however, a popular sports team has not used the concept before. In fact, the Sacramento Kings are applauded for the initiative because they are opening up the option to other firms and organizations who want to use cryptocurrency mining for donations. Rather than depend on governments to provide funding for community causes , the public now have a way of creating wealth for themselves.
Mining rewards the first miner to add a new block to an existing blockchain, and the Kings are donating a part of this reward to ‘Build Black Coalition’. The team may not necessarily donate actual Ethereum coins as the crypto-market’s volatility could pose further problems to the community fund.