NBA Sacramento Kings world’s first team to mine cryptocurrency

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The Kings have teamed with cryptocurrency group MiningStore to install mining machines in Golden 1 Center, the world’s most technologically advanced and sustainable arena. The mining will fund a multiyear scholarship program called MiningForGood.

The Kings will deploy MiningStore “Imperium” model machines that will mine Ethereum cryptocurrency. Ethereum is a public, open-sourced Blockchain-based platform. These mining machines will verify other coin user transactions by solving complex mathematical problems, resulting in a share of the transaction returning to the MiningForGood program. The Kings partnered with MiningStore because of their durable and efficient computers.

The Sacramento Kings are pioneers in exploring cryptocurrency and its potential impact,” said MiningStore Founder JohnPaul Baric. “We’re thrilled to partner with a forward-thinking organization that looks for ways to create positive change – through technology or sports.”

The MiningForGood grants will support workforce development and technology education programs in Sacramento through a partnership with the Build. Black. Coalition. The Kings recently announced a partnership with Build. Black. to host the Kings and Queens Rise Co-Ed Summer Basketball League, an inter-community youth basketball league that kicked off on June 9.

Vivek Ranadive, the Kings’ principal owner, said that the mining scholarship program aims to “inspire the next generation of tinkerers [sic] and thinkers to create change in their own community and around the globe,” Ranadive calls the team’s crypto-mining plans “innovative,” stating:

“Opportunity begins when technology allows the world to find innovative solutions to complex problems.”

image by the Kings

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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