Cryptocurrencies continue to garner support from unexpected corners. In the latest development, California's Sacramento Kings of the National Basketball Association (NBA) became the first professional sports team to hop on the cryptocurrency mining bandwagon.
The team has announced to launch a charitable program called MiningForGood under which it will mine cryptocurrencies—especially ethereum (ETH)—for charity, according to the official NBA portal. The initiative comes as a part of a multiyear scholarship scheme that is aimed at supporting the necessary transformation needs of African-American communities in Sacramento. The funds raised through cryptocurrency mining will be used for activities like workforce development, training and technology education programs in Sacramento through a partnership with the Build. Black. Coalition, an initiative aimed at “improving outcomes and communities so black youth can thrive, be healthy and safe.” (See also: How to Start a Charity.)
Dedicated cryptocurrency mining equipment will be installed in the Kings' Golden 1 Center, an indoor arena located in downtown Sacramento. The Golden 1 Center was the first sports complex in the world awarded LEED Platinum status in September 2016 and is completely powered by solar energy. Leadership in Energy and Environmental Design (LEED) is a rating system devised by the U.S. Green Building Council (USGBC) to evaluate the environmental performance of a building.
On-Site Crypto Mining
It will be the first ever data center to be built in a professional sports complex. The necessary devices, known as the Imperium model mining machines, will be set up in partnership with MiningStore.com, a leading manufacturer and hosting provider of professional-quality cryptocurrency mining hardware. MiningStore.com was selected by the Kings on account “of their durable and efficient computers,” the report adds.
During January 2014, the Sacramento Kings became the first professional sports team to accept bitcoin. The team also won the coveted titles of the "Most Innovative Company in Sports" by Fast Company and the “Most Tech Savvy Team of 2016” by Sport Techie. The team hopes that the MiningForGood program will serve as an model for large enterprises to adopt emerging technology as a force for social change.
“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,” said Vivek Ranadivé, owner and chair of the Kings. (See also: How to Donate to Charity Using Bitcoin.)
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.