Cryptocurrency mining conference digs into economic slump

AUSTIN, Texas - Set up got underway Wednesday afternoon for what is billed as a mining conference. The gathering of cryptocurrency experts and vendors comes at a time that’s been described as a crypto-crash. 

Brad James, the event organizer said they are selling belief.

"Belief, trust that it’s happening and in understanding this has now been through many cycles," said James.

The three-day conference at Kalahari Resorts Convention Center features more than 70 speakers, 4 stages and 30 vendors. James believes the conference will help crypto miners, large and small, prepare for a rebound

"And now they understand and eliminating that risk and the surrounding panic, right now everybody sells fear, there doesn’t need to be fear there just needs to be an understanding of what the industry is how it works and how you can capitalize on it especially in an industry we are beginning to professionalize," said James.

Surviving an economic downturn is not the only topic being discussed at the conference. Other hot topics include the supply chain and emerging regulations.

"The concern is simply that they say, you can’t do this with your power," said Clark Vaccaro with Blockchain Security Industry Coalition.

Vaccaro is worried new regulations, like in New York, will be adopted in other parts of the nation.

"I wouldn’t be surprised at a certain point people trying to say, ‘no mining, you can’t’ this energy to mine which is crazy," said Vaccaro.

Building a grid friendly mining operation is among the services offered by vendors like Denton based Moonshot.

"Mining is like a battery, especially when you have curtailment programs, so it's allowing the electrical infrastructure create a demand so that way we can build out the electrical infrastructure and when there is a curtailment event than that power gets re-directed to the homes and businesses that need it, so I think it’s a great solution for the energy demands on the grid," said Moonshot Owner Ethan Ellenberg.

Ellenberg said the demand for their services is strong. But costs continue to go up. Fueled by inflation and continued problems with the supply chain.