For those who want to earn from cryptocurrencies other than buying digital currencies, it is a good idea to invest in mining. For Sacramento Kings, it became the first team in the NBA to hop into the mining bandwagon. The team announced that it is launching a charity program that will be called MiningForGood. The team will be mining Ethereum for charity. The funds that the program is going to generate will be used in order to help transform African-American communities located in Sacramento. Among projects include workforce development, training, and technology education programs in partnership with Build.Black.Coalition. Its initiative is said to be aimed at “improving outcomes and communities so Black youth can thrive, be healthy and safe”.
Energy Concerns on Mining
One of the things that make cryptocurrency mining tricky is the fact that it can be costly. Not only will you need to invest in expensive mining equipment but also requires a good amount of energy. In fact, this makes Canada and China as ideal locations to set up mining operations mainly due to cheap electricity and cold weather.
As for the mining project by the Sacramento Kings, they are going to have the mining equipment installed at the Kings’ Golden 1 Center. It is an indoor arena that is located in downtown Sacramento. And in order to address the cost of electricity in mining, the Golden 1 Center is a strategic move since it is completely powered by solar energy. It has been awarded the LEED Platinum status in September 2016. Leadership in Energy and Environmental Design (LEED) is a rating system that has been developed by the US Green Building Council (USGBC) in order to evaluate the environmental performance of buildings.
This will be the first time that a data center is going to be built in a professional sports complex setting. The mining operations are made possible in partnership with MiningStore.com, which is a company that specializes in providing professional-quality crypto mining hardware. According to the Sacramento Kings, MiningStore.com was used mainly because of the “durable and efficient computers” made by the company.
The Sacramento Kings had a history of being pro-crypto. In January 2014, Sacramento Team has become the first team to accept Bitcoin. The team also won the titles of “Most Innovative Company in Sports” according to Fast Company. Kings also received the “most Tech Savvy team of 2016” award provided by Sport Techie.
With MiningForGood, Sacramento Kings plan to provide a model for large companies to adopt emerging technologies in pushing towards social change.
According to Vivek Ranadive who is the owner and chairman of the Kings, “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”.
UNICEF and Mining
Sacramento Kings isn’t the only one that has utilized the possibilities of mining in order to raise funds for charity. UNICEF also made use of mining by asking visitors of the website to provide their computational power.