NBA Team Sacramento Kings’ Ethereum (ETH) Crypto Mining Profits is For Black Build Charity
Sports team not only make an impact by playing the game and appeasing fans, but also by often donating to charities. The Sacramento Kings is known for promoting Build Black, which focuses on “proactive investment and radical transformation for Black communities.”
Although there are many methods the team can use to raise money for Build Black, it is taking an innovative approach, one that starts beneath Golden 1 Center – in the basement. The basement features a Tier 4 data center, designed by the team, to be future proof. Meaning, the machine includes empty serve racks, which will later be filled with mining equipment.
There is no indication as to who came up with the idea, but some surmise that the team’s owner Vivek Ranadive may be behind it. Ranadive is recognized for his forward-thinking projects, most of his wealth is derived from technology, and he created TIBCO to revolutionize trading on Wall Street.
It is planned for the project’s proceeds to be donated to Build Black. In addition to being used for charity purposes, the project is also about preparing the team for the future. According to the team’s chief technology officer Ryan Montoya:
We use technology ensure that our fans have the best fan experience in the world. We use technology to remove all the friction and make things more efficient. We know that blockchain is going to make a lot of sectors in the economy in the world more efficient. And so with that said, we know that it’s going to impact many industries. So, we’ve been experimenting with blockchain, in other business cases, for some things we’re not prepared to talk about at this moment. But for us, we feel that utilizing cryptocurrency to give back to your community is a good use of the technology.
Blockchain technology can be used in sports in many ways. For example, the blockchain can be used to store season tickets or to reward longtime ticket holders. It could also be used to open up secondary markets for sports betting – or to prevent such activities.
At this point though, these possibilities are not yet a reality and there may also be some headway due to a lack of ubiquitous support among sports teams. Perhaps if more people understood blockchain technology, the chances of its adoption would increase. So now, education and knowledge is a good starting point.