The Sacramental Kings Team owned by Vivek Ranadive has announced that they will take part in cryptocurrency. The team has been mining Ethereum for three weeks after purchasing Nvidia mining rigs. It is the first sports team to participate in cryptocurrency mining and has also pledged to create a charity group that can introduce cryptocurrency to the local communities. Most of the Mined ether will be used to support black communities. Mr. Vivek also owns a computing software company called Tibco, as a result of which the team has been referred to as the most technology-oriented sports club in the world after Golden State Warriors. The later is owned by venture capitalists at Silicon Valley.
The team is also the first NBA club to accept Bitcoins for tickets as well as payment on its merchandise store. Vivek has been hoping that the team could use technology to improve the fan experience and give back to the community as part of the team’s corporate social responsibility.
Mining for Good
Mining for Good is the name of the king’s charitable program. The scheme is aimed towards helping African-American communities living around Sacramental. The team plans to use the funds for education programs, technology education, and workforce development. The charity organization will also partner with Build Black Coalition which is a youth outreach community for improving outcomes and communities.
The Nvidia mining rigs were purchased through Miningstore.com. The mining equipment will be installed in the Kings Golden 1 center. The indoor arena located at downtown Sacramental was the first sporting complex in the globe. The center is famous for being entirely powered by solar energy. In 2016, the center received the Leadership in Energy and Environmental Design (LEED) platinum status.
The team has partnered with Miningstore.com to set up the imperial model mining machines at the sports complex. Vivek hopes the program will serve as an inspiration for corporates to adopt technology as a wheel for social impact. The initiative is also a motivation vehicle for the next generation of innovators and thinkers to make change around the world.
The Mining Team
Currently, no King’s player has been involved in the mining project. The project also has no impact on the basketball court, but the team leaders believe the players will take interest to learn how the mining is done. The mining project is being spearheaded by three groups within the team’s front office, and they mainly comprise of the innovation group, crypto enthusiasts, and the community outreach program, Built Black.
The initiative is a testament to how the Blockchain could revolutionize the way people think. Although kings are the first NBA team to take part in a Blockchain initiative, it is not the first time sporting arenas have accommodated the technology. Ethereum smart contracts have been used to establish authentication of sports memorabilia. The team, however, wishes it could use innovation to be ahead of business as well as give back to the community.