Bankhaus Metzler and Deutsche Telekom have teamed up to test the feasibility of using surplus renewable energy for mining Bitcoin (BTC) through MMS.
In a November 4 press release, the collaboration announced aims to create a Bitcoin-mining infrastructure that uses renewable energy that otherwise would be unused.
Deutsche Telekom eyes Bitcoin innovation in Germany
The Telekom announced that the BTC pilot project would provide field data, insights and information to be used in future projects.
Metis Solutions is the host partner for this project. The mining container is currently at RIVA Engineering, Backnang in Germany.
The need for a quick-available regulating power is increasing due to the increase in renewable energy and fluctuations of energy. Oliver Nyderle is the head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS. He said that we must have mechanisms which can react quickly and absorb changes.
Nyderle said that the partnership between Bankhaus Metzler, RIVA Engineering and RIVA is a first step in gauging the effect of BTC mining on the grid.
Nyderle said that the initiative measures this surplus energy using digital values, which it calls “digital money photosynthesis”.
In the United States, and Finland have successfully implemented the regulation of energy via Bitcoin mining.
In a press release, Telekom stated that the partnership between MMS and Bankhaus Metzler aims to validate similar standards in Germany.
Our goal is to gather experience in different application areas in order to advance blockchain technology innovation in Germany. We are therefore very happy to participate in this pilot project together with Telekom MMS. “Blockchain technology has become increasingly important in business operations outside of the financial sector – and it is essential to have a reliable financial partner for the management of crypto assets,” Hendrik Knig, Head Digital Assets Office at Bankhaus Metzler said.
Deutsche Telekom’s web3 steps
Since 2020, Telekom MMS’s web3 project has made significant progress in the crypto-market. Over the past few years, Telekom provided the infrastructure behind some of the most popular blockchain protocols.
Chainlink, Fetch.ai Polkadot and Polygon are some of the most popular.
Deutsche Telekom revealed its Celo investment 2021. It had bought the native token CELO of DeFi’s decentralized financial platform.
In September 2022 the telecoms giant made another big announcement, announcing support for Ethereum. It began providing its services as a node validator as Ethereum’s blockchain network moved from proof-of work to proof-of stake consensus.
T-Systems MMS from Telekom also supports liquid betting.
The post Deutsche Telekom tests surplus energy for Bitcoin mining could be updated as new information becomes available.
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