Deutsche Telekom to use renewable energy for Bitcoin mining
Europe's largest telecom provider, Deutsche Telekom, is venturing into Bitcoin mining using energy from renewable sources
Deutsche Telekom is venturing into Bitcoin mining using surplus energy from renewable sources that would otherwise be wasted.
Europe’s largest telecom provider is venturing into the world of cryptocurrencies in a new project called “Digital Monetary Photosynthesis.”
The initiative was developed by Deutsche Telekom subsidiary MMS in collaboration with Bankhaus Metzler, who have indicated that the BTC mining equipment will be installed in “Backnang (Germany), at the facilities of the metal and glass facade manufacturer Riva, and will be managed by Metis Solutions.
Germany will use the growing amount of renewable energy sources in the Deutsche Telekom project, according to Oliver Nyderle, head of digital trust and Web3 infrastructure at Deutsche Telekom MMS, betting that Bitcoin mining will help “regulate energy fluctuations in the country’s power grid.”
Nyderle stressed that surplus energy from sources such as wind turbines “is converted into digital values through miners. We call this digital monetary photosynthesis.” Another segment they will work on is the offer of financial services with digital assets.
M.Pino
Source: cointelegraph
(Reference image source: Erling Løken Andersen in Unsplash)
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