Deutsche Telekom’s tech arm, MMS, has partnered with Bankhaus Metzler, a traditional banking company, to introduce a novel Bitcoin mining project using excess renewable energy in Germany.
Deutsche Telekom’s tech arm, MMS, has partnered with Bankhaus Metzler, a traditional banking company, to introduce a novel Bitcoin mining project using excess renewable energy in Germany. The pioneering pilot represents a major step toward the future of sustainable cryptocurrency mining.
The initiative from the parent company of T-Mobile follows the successful implementations of similar energy-regulation mining operations that were realized in the United States and Finland. This pilot in Germany will validate the effectiveness of using Bitcoin mining as a dynamic power regulation tool within Europe's largest economy.
Oliver Nyderle, head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS, referred to the project with a fascinating concept he coined "digital monetary photosynthesis." He underlined how the system converts excess energy into digital value that deals with growing challenges in managing fluctuating renewable energy sources in the power grid.
"With the growing number of renewable energy sources and the resulting fluctuations in available energy, the need for quickly available regulating power increases. For this, we need mechanisms that can respond quickly to changes and absorb fluctuations," Nyderle said. Bitcoin miners could play a crucial role in balancing the energy grid in the future due to the flexible load.
The technical partnership is extended by RIVA Engineering GmbH, which makes it an all-around partnership between the telecommunication, banking and engineering sectors. Hendrik König, responsible for the Digital Assets Office at Bankhaus Metzler, underlined the project’s meaning within a broader context when he said, "Blockchain technology is gaining increasing importance in operational business outside the financial industry.”
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