Deutsche Telekom Launches Bitcoin Mining Pilot to Balance Germany's Power Grid
Europe's largest telecommunications provider is launching a Bitcoin mining pilot called 'Digital Monetary Photosynthesis', developed by Deutsche Telekom’s subsidiary MMS in collaboration with Bankhaus Metzler. The project aims to provide data for stabilizing Germany's energy grids.
- The project aims to utilize surplus renewable electricity that can't be fed into the grid or stored due to storage limitations. The goal is to gather valuable data and insights for future initiatives.
"Together with Bankhaus Metzler and RIVA Engineering GmbH, we are taking a step in this direction to test the regulatory effect of Bitcoin miners in the energy grid. Surplus energy is converted into digital values through the miners. We call this digital monetary photosynthesis", said Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS.
- Deutsche Telekom did not specify the project’s scale but its mining equipment is hosted by Metis Solutions in Dresden at Riva GmbH Engineering in Backnang, which has a solar energy system.
- Deutsche Telekom's MMS will manage mining operations, while Bankhaus Metzler will analyze data and explore financial services related to digital assets.
- The company added that regulating power through Bitcoin mining is already successfully practiced in other countries, such as the United States and Finland, and the goal of the pilot is to validate the process for Germany.
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