German tradFi giants confirm trial to mine Bitcoin with surplus energy to stabilize grid

Share This Post

German telecom giant Deutsche Telekom has partnered with Germany’s oldest bank, Bankhaus Metzler, to launch a pilot project testing Bitcoin mining infrastructure powered by surplus renewable energy. The initiative aims to utilize excess electricity from renewable sources that would otherwise remain unused due to grid limitations or insufficient storage options.

Per the announcement on Monday, Nov. 4,  increasing renewable energy production presents challenges in stabilizing the energy grid, as irregular production peaks occur depending on weather conditions. Deutsche Telekom understands that Bitcoin mining could be crucial in balancing supply and demand within the grid. This method has already been successful in countries like the United States and Finland, and the pilot project seeks to validate its effectiveness in Germany.

The mining operations are hosted by Metis Solutions GmbH and located at Riva GmbH Engineering’s facilities in Backnang, Germany. Riva Engineering, a manufacturer of metal and glass facades, generates its own electricity through a photovoltaic system. Telekom MMS is responsible for operating the mining devices, while Bankhaus Metzler is involved in defining test runs and analyzing data, exploring further possibilities for financial services with digital assets.

Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS, stated that the project is a step toward testing the regulatory effect of Bitcoin miners on the energy grid. He said,

“Surplus energy is converted into digital values through the miners. We call this digital monetary photosynthesis.”

Hendrik König, Head of the Digital Assets Office at Bankhaus Metzler, emphasized gaining experience in blockchain technology applications. “Our goal is to further advance the innovative power of blockchain technology in Germany,” he noted. The bank established its Digital Assets Office in 2022 to focus exclusively on blockchain technology and the digital assets ecosystem.

Telekom MMS has been providing infrastructure for various decentralized protocols in the Web3 sector, including networks like Chainlink, Fetch.ai, and Polygon. In 2023, Telekom expanded its portfolio by operating a Bitcoin node, marking its first involvement with a proof-of-work network.

The pilot project aims to gather field data and insights to plan subsequent initiatives, potentially contributing to stabilizing the energy grid during fluctuations. Wind power producers and photovoltaic plant operators could benefit from this technology, addressing the challenge of unpredictable regulating power.

The post German tradFi giants confirm trial to mine Bitcoin with surplus energy to stabilize grid appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Elon Musk Net Worth Soars to $348 Billion: Tesla and xAI Drive the Surge

The post Elon Musk Net Worth Soars to $348 Billion: Tesla and xAI Drive the Surge appeared first on Coinpedia Fintech News Elon Musk is the first name on the global billionaires list His current

Race to a Billion Offers Transparent Racing Prediction Platform with Earning and Passive Income Opportunities: Presale Has Started

The post Race to a Billion Offers Transparent Racing Prediction Platform with Earning and Passive Income Opportunities: Presale Has Started appeared first on Coinpedia Fintech News Race to a Billion

Still Early: Taylor Swift Remains More Popular Than Bitcoin for Now

Jon Erlichman, a BNN Bloomberg commentator, recently conducted an informal survey on the streets, asking several people whether they would prefer a ticket to a Taylor Swift concert or a bitcoin Most

Smart Money Picks: Top Altcoins That Could Double This Week

The post Smart Money Picks: Top Altcoins That Could Double This Week appeared first on Coinpedia Fintech News With the Bitcoin price likely to cross about the $100,000 mark this week, the altcoins

Mr Beast Finally Responds To Crypto Allegations, Oompaville Probes More

The post Mr Beast Finally Responds To Crypto Allegations, Oompaville Probes More appeared first on Coinpedia Fintech News In an exclusive interview between Oompaville and MrBeast, the latter

Cardano’s Charles Hoskinson vows legal action over Wyoming stablecoin snub

Cardano founder Charles Hoskinson has threatened legal actions over the blockchain network’s omission from the Wyoming Stablecoin project In a Nov 25 video broadcast on social media platform X,