American Basketball Team Set To Mine Cryptocurrencies
The Sacramento Kings have reportedly assembled crypto mining hardware inside their arena which has made them the first sports team to mine digital currencies.
While defending its decision, the team said that it would be mine crypto-coins in order to provide scholarships for local causes. The venture is headed by Vivek Ranadive, owner of the team, who has always been an innovation promoter, also employed virtual reality, passing on Luka Donic, mobile engagement and four-on-five defense with a cherry picker.
The computers will be located at Golden 1 Center in partnership with MiningStore.com for machine installation.
The Sacramento Kings said they would install cryptocurrency mining computers at Golden 1 Center, to raise money to invest in community development programs. The service provider’s official website informed that every machine coasted $7,495 but did not reveal the number of purchased items.
Meanwhile, Ranadive said, “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.”
MiningForGood is a charitable mining venture which aims to develop careers and commence technology education programmes in Sacramento with the help of the local community group named Build.Black. The group majorly functions as a promoter of positive development in the black community.
The team also worked in partnership with Build.Black to host the Kings and Queens Rise Co-Ed Summer Basketball League which started On June 9.
It is not the first time that King’s are connecting with digital currencies as it was also the first spots team to accept bitcoin for payment in 2014. Moreover, they also funded a contest for tech start-ups in 2016 where finalists had to pitch in front of King’s fans for a cash prize, a consultation session with executives and a private lunch with team’s owner.
Team’s technology and innovation manager, Ian Wheat, said that his crew is supervising the price fluctuations of ethereum to determine the time and process to gain maximum out of the mining. He will take the decision about purchasing new machines or hold coins until the value appreciates. He added, “The fund and the returns on mining can grow exponentially with the dynamic price of these coins.” The project will probably increase with the growth of the industry.
One should know that Kings were acknowledged as the most innovative sports company by Fast Company and the most tech-savvy team by Sport Techie in 2016. Their Golden 1 Centre is the first arena to be equipped with LEED Platinum status which is entirely powered by solar energy. It also runs an innovative fertilizing programme which is also a revolution in the food arrangement system.
The initiative has faced positive reaction from fans and media which have considered it an exceptional step towards the right usage of virtual currencies. It won’t be shocking if other teams also recruit their own mining tools to their advantage.