Basketball team Sacramento Kings is working together with a crypto mining hardware company to set up ethereum mining operations so as to fund a multi-year scholarship program.
Having teamed up with MiningStore for the initiative, the Kings are planning to mine ethereum and give all proceeds to MiningForGood, a charity organization in Sacramento.
Mining equipment is being set up in Golden 1 Center, which according to the team, has the best infrastructure, technologically speaking.
The overall objective of the partnership is to fund technology education initiatives in the Sacramento area as well as developing the local workforce.
As such, the first beneficiaries of the grant will be the Build. Black. Coalition, comprising “community leaders organized to support transformational change for Black communities in Sacramento.”
Already part of the basketball team’s co-ed program, the grant’s recipients are participants in the Kings and Queens Rise, a summer basketball league for youths which kicked off on 9th June.
Facilitating Global Change
According to the Sacramento Kings’ principal owner, Vivek Ranadive, the program’s aim is “to inspire the next generation of tinkerers and thinkers to create change in their own community and around the globe.”
He considers the ethereum mining plan as highly innovative saying, “Opportunity begins when technology allows the world to find innovative solutions to complex problems.”
MiningStore is providing its Imperium mining hardware models whose price on their website is $4,950.
Sacramento Kings will set the record of being the first team both in the league and in the world to mine cryptocurrencies. Notably, they were also the first big professional sports franchise to accept payments in bitcoin, with BitPay as their payment processing platform.
However, charitable ethereum mining operations are not a new concept. UNICEF Australia this past February requested PC Gamers to mine ethereum so as to facilitate donations to children in Syria.