When it comes to crypto, the Kings are records setters. First, the Kings started accepting cryptocurrency. Now the team will be the first to mine digital money.
Way back in 2014, they were the first professional sports to accept Bitcoin. Users of that coin could buy game tickets and merchandise. The NBA franchise processed digital currency payments using BitPay.
How The Team is Involved In Cryptocurrency Mining
Now, the team is preparing to take another big digital step. The Sacramento Kings are mining cryptocurrency. More accurately, the Kings are getting involved in crypto mining.
Is the team going to start mining coin? The answer to that is no. At least they won’t be doing it directly. It will be happening indirectly. Confused? Read on.
Cryptocurrency mining machines will be installed in downtown Sacramento’s Golden 1 Center. Golden 1 Center is a multi-use arena. Concerts, conventions, sporting events, and other entertainment events. Oh, it is also the home of the Sacramento Kings basketball team.
The publicly owned arena is part of the Downtown Commons (DoCo) business and entertainment district.
The Kings and MiningStore Team Up For A Cause
Through a partnership with the cryptocurrency group MiningStore, the Kings are having the machines put in Golden 1 Center. According to the team, the center “houses the world’s most advanced technology infrastructure.”
All this is being set up for a worthy cause. The team is involved with a fund called MiningForGood. The proceeds from the crypto mining will go toward funding that multiyear scholarship program.
Through the partnership with MiningStore, the Sacramento Kings will be actively supporting the community. The partnership will offer grants. The focus of these grants will be the support of “workforce development” and also supporting programs for technology education in the city.
The first group to join the program is called “Build. Black. Coalition.” This group is populated with community leaders. These leaders organized to promote and support “transformational change for Black communities” in the city of Sacramento.
Build. Black. Coalition. and Kings and Queens Rise
The sports team is already at work. They and the Build. Black. Coalition. have teamed up to aid the Kings and Queens Rise youth basketball league. Kings and Queens Rise is an inter-community, co-ed summer youth league. They kicked off their season of play on June 9.
Kings principal owner Vivek Ranadive believes in the power of technology. “Opportunity begins,” according to Ranadive, “when technology allows the world to find innovative solutions to complex problems.”
By partnering with MiningForGood, Ranadive’s wants to provide inspiration for the “next generation of tinkerers and thinkers.” With supported inspiration, he believes those “tinkerers and thinkers” are spark plugs for advancement. In his opinion, they are instrumental in creating change both within their communities and worldwide.
The Kings Mining Machines
The Mining Store’s “Imperium” models of cryptocurrency mining machines will be installed at Golden 1 Center. This particular model is to be used for Ethereum (ETH) mining. The Ethereum platform is public and is “open-sourced Blockchain-based.”
The Imperium machines, like all crypto mining machines, are computers that are used in the verification of “coin user transactions”. The verification occurs when “complex mathematical problems” are solved.
When a coin is mined, the miner is “awarded” a percentage or a portion of the transaction. Those “awards” will be contributed to the MiningForGood program.
Cryptocurrency mining computers need to have a lot of computational power in order to solve the math problems. The Imperium machines are listed on MiningStore’s website at a price of $4,950 each.