Key Points
- Deutsche Telekom’s MMS and Bankhaus Metzler are piloting Bitcoin mining utilizing surplus renewable energy.
- The project aims to provide data to help stabilize Germany’s energy grid.
Deutsche Telekom’s subsidiary MMS and Bankhaus Metzler, one of Germany’s oldest banks, have initiated a pilot project. The project explores the possibility of using surplus renewable energy for Bitcoin (BTC) mining. The goal is to collect field data that could be instrumental in stabilizing Germany’s energy grid.
The project was announced in a press release on November 4th. Deutsche Telekom stated that the project will utilize electricity from renewable energy sources. These sources would otherwise remain unused due to insufficient grid input possibilities or lack of storage options.
Bitcoin Mining and Renewable Energy
The mining infrastructure for this project is hosted by Metis Solutions. It is located at Riva GmbH Engineering in Backnang, where photovoltaic systems provide power to the miners. MMS will manage operations, while Bankhaus Metzler will assess financial applications for cryptocurrencies.
This initiative aims to address the challenges posed by the rising production of renewable energy. This often leads to surpluses when supply exceeds grid demand. Deutsche Telekom believes that Bitcoin miners could play a significant role in balancing supply and demand in the energy grid in the future.
Oliver Nyderle, head of digital trust & web3 infrastructure at Deutsche Telekom MMS, mentioned the increasing need for quickly available regulating power. This need is due to the growing number of renewable energy sources and the resulting fluctuations in available energy.
Hendrik König, head of digital assets office at Bankhaus Metzler, stated that the ultimate goal is to gain experience in various application areas. The aim is to further advance the innovative power of blockchain technology in Germany. He added that blockchain technology is gaining increasing importance in operational business outside the financial industry. He emphasized that a trusted financial partner is indispensable for managing crypto assets.