(This story is sponsored by the MPWR Crypto Mining Summit)
Much of the coverage around cryptocurrencies is based on misinformation. Digital currencies offer a way to transfer funds between individuals without the influence of banks, while securely encrypting all financial transfers, making them publicly available to view, and ensuring that the amounts can’t be tampered with afterwards. Because the technology differs so greatly from conventional banking, though, it can be tough for some to grasp why crypto is becoming increasingly popular around the world, with many being scared away from leaning about the new currencies by sensationalist headlines.
For B.C.-based company Blockchain Infrastructure Research (BIR), dispelling the myths around cryptocurrencies is the bedrock of their business.
“Broadly, we are an independent research company,” Adam D’Arcy, chief marketing officer at the company, tells the Georgia Straight on the line from the Sunshine Coast. “We focus mainly on the aspect of crypto mining infrastructure. We are striving to contribute to the industry in a critical and thoughtful way: we’re not interested in advocating and lobbying, but rather supporting the body of knowledge around this new technology.”
In order to generate new cryptocurrencies like Bitcoin or Ethereum, computers must compete with each other to solve a complex math puzzle—a process known as mining. The machine that solves the puzzle first wins a designated amount of that currency. Understandably, more powerful computers tend to solve more puzzles, and their owners have a greater chance of taking home the money. Building those larger rigs, though, comes at a hefty cost, and the price of electricity used to run them can outweigh the value of the winnings.
In order to help inform people about the findings of its research into mining coins, BIR has established Canada’s largest event dedicated to generating cryptocurrencies: the MPWR Crypto Mining Summit. Boasting a diverse lineup of over 20 speakers, the conference will bring together some of the world’s experts on how to most effectively create crypto. The one-day event will dive deep into discussing the most important elements of the emerging tech, including how to use renewable energy sources for mining rigs, deciding which currencies to focus on, and how the coins are regulated by governments. It will also take a close look at the challenge of managing electricity costs by opening up a conversation with Dina Matterson, a business development manager at BC Hydro.
“We’ve got a really diverse range of topics,” says D’Arcy. “I’m feeling very honoured to have the speakers we do. I’m really looking forward to hearing from our keynotes—Wes Fulford, from Bitfarms Technologies in Quebec, and Frank Holmes, who’s the interim executive chairman at Hive Blockchain in Vancouver. I think Wes and Frank will give some really great insights into how they’ve managed to create two really great businesses in the crypto mining space.”
For D’Arcy and BIR, it’s only by presenting well-researched, fact-based information about the crypto industry that the myths around the tech will be dispelled, and digital currencies will become a common way for people to make payments.
“What we wanted to do with MPWR was to create something with a bit more of an in-depth look of the problems and the obstacles that surround the industry, and then bring people on board to speak about their ideas on the solutions to these issues,” he says. “Ultimately, what we want to do is contribute to a network of real information—information that’s been properly researched to the best of our ability.”
The MPWR Crypto Mining Summit is at the Pan Pacific Hotel (300 - 999 Canada Place) on Tuesday (March 12). More information and tickets are available here.
Kate Wilson is the Technology Editor at the Georgia Straight. Follow her on Twitter @KateWilsonSays