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Sacramento Kings Mining Ethereum for Local Scholarship Fund

Jun 29, 2018, 9:40AM
1 min, 25 sec READ

The Sacramento Kings will become the first sports team to mine cryptocurrency in efforts to establish a local scholarship fund.

The National Basketball Association's Sacramento Kings will become the first major sports team mine cryptocurrency. A partnership with MiningStore.com will provide the team with equipment for the Ethereum-based project. Sacramento's new Golden 1 Center is the only such stadium to host a Tier 4 data center. This new mining program will lay the foundation for a multi-year scholarship fund dedicated to local causes. The first such group will be the Build. Black. Coalition with many other organizations subsequently in line.

Opportunity begins when technology allows the world to find innovative solutions to complex problems. / Vivek Ranadive, Kings' Owner and Chairman

Ranadive joined Ron Burkle and Mark Mastrov in purchasing the team in March of 2013. Since then, the organization has been active in technological pursuits, an understandable mindset for Ranadive, who graduated from MIT and Harvard before a successful career with Teknkeron Software Systems and TIBCO Software. The NBA's Dallas Mavericks announced they would begin accepting Bitcoin earlier this year, something the Kings began doing in 2014. Dubbed the first team to accept Bitcoin, blockchain, and cryptocurrency will remain a steady theme in Sacramento's increasing portfolio.

Response from the NBA community has been varied and tied more to the team's recent lack of success, than the potential consequences of such a move. It is highly unlikely the league trends toward adoption of cryptocurrency in any way, but the evolution of blockchain technologies could find its way into basketball. An increasing use of analytics calls for high processing power, something which can easily be developed via the Ethereum platform.

 

 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.