California’s Sacremento Kings, a professional basketball team, has joined the current wave of cryptocurrency charities, announcing their own contribution based on Ethereum mining, as reported by the National Basketball Association (NBA).
The project, called MiningForGood, will make the Kings the first professional sports team to mine a cryptocurrency, using MiningStore’s machines which will be installed in the team’s stadium.
According to the NBA, the funds created through the program are earmarked for Sacramento’s black community through the Build Black Coalition, which supports the development and change in the city’s black communities.
Cryptocurrency donations towards a range of causes are becoming far more a feature of crypto space, ranging from huge non-profit enterprises such as programs run by the Red Cross and Save the Children, to small localized programs such as the King’s new charity in California.
Bitcoin News reported yesterday the launch of new charity project in California called GiveCrypto, a global enterprise which will make cryptocurrency donations to worthy recipients, created by Brian Armstrong, CEO of Coinbase.
The Sacramento Kings have already gained a reputation for forward thinking, developing an arena powered entirely by solar energy and becoming the first professional basketball team to accept Bitcoin as far back as 2014 using Bitpay. Another concept created by the owners has been to promote the game to young fans on the subcontinent through virtual reality, enabling Indian students to be courtside.
The club’s green profile has now taken it beyond solar power into developing a progressive and innovative food program by donating unserved food from the stadium and in turn taking any organic waste to local farms.
UK Platform Giftcoin has plans to launch an online giving platform this year using blockchain. The idea is to keep donors aware of the progress of their supported causes, recording the charities on a peer-to-peer network. For example, projects can be broken down into stages, and at each level, progress can be reported to the donor before further funds are releases.
Company advisor, Jon Duschinsky, who also created the Ice Bucket Challenge, said that people may take a while to change from conventional check donations to the program, but said:
“[There is a] massive amount of money sitting in cryptocurrency – people have invested an absolute fortune… they can’t get that money out of cryptocurrency and put it back into dollars for a number of reasons.”
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