Ethereum mining for charity: Yay or nay?
The tech-friendly Sacramento Kings are tapping into the world of crypto miners.
The NBA franchise on Wednesday said it’s launching a charitable program called “MiningforGood” with MiningStore.com to mine cryptocurrency at the Golden 1 Center, the Kings’ home arena in Sacramento. The basketball team will use MiningStore’s “Imperium” machines to mine the the Ethereum cryptocurrency.
“Opportunity begins when technology allows the world to find innovative solutions to complex problems,” Vivek Ranadivé, the Kings’ owner and chairman, said in a release. “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.”
The Kings say they’re the first sports team to mine digital coins. MiningForGood will be part of a multi-year scholarship fund that supports career development and technology education programs in Sacramento through the local community group Build. Black., which supports positive changes in the black communities.
This isn’t the Kings’ first time employing cryptocurrency. The team was the first sports team to accept Bitcoin in 2014. They also sponsored a contest in 2016 for tech startups, where finalists pitched themselves to the Kings’ fans in order to win a cash prize, a consultation with Kings executives and lunch with a team owner.