Deutsche Telekom Launches Bitcoin Mining Project in Germany
Date: 2024-11-05 Author: Oliver Abernathy Categories: BUSINESS
As part of the pilot project, Telekom MMS plans to test the infrastructure for bitcoin mining, using excess electricity that cannot be stored in the grid due to storage restrictions.
The mining equipment is located in Backnang, a city in the administrative district of Stuttgart. It is located on the premises of Riva GmbH Engineering, a company specializing in the production of metal structures. Technical support and maintenance of the mining equipment will be carried out by Telekom MMS engineering staff, which will allow the company to monitor all processes and promptly resolve issues that arise.
The Deutsche Telekom project reflects a current trend in Germany, Finland and the United States, where bitcoin mining is used as a method for efficiently managing excess energy. This pilot project is expected to confirm the viability of this approach in the German market, expanding the possibilities for the use of renewable energy. Bankhaus Metzler representatives noted that the project also opens up new prospects for their cryptocurrency and blockchain services, allowing them to increase the scope and scale of operations.
Earlier, analysts from the international educational foundation Exponential Science emphasized that a ban on Bitcoin mining could cause significant damage to the global economy and ecology, since many countries see it as a way to optimize the use of electricity.
