The Sacramento Kings claim to be the first professional sports team mining cryptocurrency. They recently announced a pilot program to mine ETH for charity is underway. The NBA team’s owner is Vivek Ranadive, who is also the founder of Tibco Software Inc. Any ether that is produced will be put at the disposal of Build Black – a local charity.
As a technology entrepreneur, Vivek Ranadive keeps a close eye on what is happening in the blockchain development space. He pushed for his team at the Kings to create a broad-based initiative to launch this mining program.
Mr. Ranadive had this to say about the mining program, and Ethereum, “What can we do with cryptocurrency to give back to the community? It was obvious to us: Let’s start mining cryptocurrency. Let’s mine cryptocurrency and give the proceeds back to groups that could use a little extra help. And we are superfans of Ethereum.”
The Sacramento Kings Lead
The recently announced crypto mining program isn’t the only high tech endeavor happening at the Sacramento Kings. Their new stadium has been outfitted with extensive solar power infrastructure. Called Golden Center 1, it also has a data center that was designed to rival a tech powerhouse like Yahoo, or Google.
Ryan Montoya is the CTO at the Kings. He recently told Yahoo News that,“We know blockchain is going to revolutionize the world,” and continued, “So, how can we be ahead of the curve and start to utilize blockchain in different parts of the business?” The Kings were the first team in the NBA to accept bitcoins as payment for season tickets and team merchandise. This likely shows a deep dedication to embracing new technology.
According to Ryan Montoya, Vivek Ranadive is the driving force behind all this innovative thinking. He has this to say on the matter, “He’s (Vivek Ranadive) always pushing us to use technology to improve the fan experience, and he’s always asking us how we can use tech and innovation to do good and give back to the community.”
The Sacramento Kings might be the first professional team to mine crypto, but blockchain has a lot of potential in the world of sports. Blockchain platforms are being designed that would work to help authenticate one of a kind sports collectibles. It is also being looked at as a way to simplify sports betting.
As cryptocurrencies become more mainstream, it is likely that they will be accepted by more teams for tickets and merchandise. Verma Media is San Francisco’s largest blockchain marketing firm. They recently decided to work with Tok.tv. The goal was likely to gain access to a blockchain-based content distribution channel.
Tok.tv has lucrative contracts with English Premier League and European soccer. This is just one more area where blockchain and sports work together, and there are probably going to be many more as time goes on.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.