Key Takeaways
- Deutsche Telekom to mine Bitcoin using surplus renewable energy.
- The project will help stabilize Germany's electrical grid.
- Bankhaus Metzler explores financial services with digital assets.
Deutsche Telekom, Europe’s largest telecommunications company, announced plans to launch a Bitcoin mining initiative that will use surplus renewable energy.
This project, dubbed “Digital Monetary Photosynthesis,” aims to stabilize Germany’s energy grid by converting excess renewable power into Bitcoin.
Rigs
In partnership with Bankhaus Metzler, Deutsche Telekom’s subsidiary, MMS, will manage mining rigs on the premises of Riva, a manufacturer of metal and glass facades located in Backnang, Germany.
Metis Solutions will oversee the operational aspects of these mining rigs. Announced on Nov. 11, the initiative arrives just a week after Bitcoin’s white paper celebrated its 16th anniversary.
The venture addresses a growing need to regulate energy fluctuations in Germany due to an increased reliance on renewable sources like wind turbines, which produce intermittent energy. According to Oliver Nyderle, head of digital trust and Web3 infrastructure at Deutsche Telekom MMS, this pilot project seeks to test Bitcoin mining as a tool for balancing grid energy.
Nyderle said:
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.
In addition to mining, Bankhaus Metzler is also exploring potential financial services related to digital assets.
