Estimated reading time: 1 minute, 54 seconds
Welcome back to Business on the Blockchain. Today we’re covering how the Sacramento Kings are looking to become crypto-royalty. Yes, an NBA team is getting in on the cryptocurrency craze.
The Kings are taking a “Peja” of the likes of Kodak by “Boogieing” on over to the new world wide “Webber” by looking to get “Richmond” by mining cryptocurrency. And yes! I did just fit four Kings puns into that sentence.
My first reaction when I heard this: a question popped into my head.Why does a multi hundred million dollar NBA franchise need to start mining cryptocurrrency? I don’t think they do. The Sacramento Kings franchise changed hands in 2013 for the price of $535 million dollars.
Why are the Sacramento Kings going to mine crypto?
The Kings aren’t doing this to pad their profits. They are using their mining efforts for good! Literally, they have started a program called Mining for Good, where the ether made from mining will then be donated to various charities.
One really interesting note, they are giving charities the option to take the monetary value of the mined cryptcurrency, or the ether itself. So these organizations have the ability to stay invested in the blockchain.
The Kings are owned by software mogul Vivek Ranadive, and they do have some past history with cryptocurrency. The organization was the NBA’s first to accept bitcoin as payment for tickets, through the use of BitPay. Ranadive described the initiative as follows,
“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 community and around the globe.”
The actual mining will occur in the Golden 1 Center, the home arena of the Kings. So theoretically they could go from tending to their mining equipment, walk up a few flights of stairs, and then watch a basketball game. This just goes to show that some unexpected players are getting into the cryptocurrency game, and are therefore advancing business on the blockchain as a whole.