Deutsche Telekom, the leading telecommunications provider in Europe, is set to expand its involvement in the cryptocurrency ecosystem by venturing into Bitcoin mining, in addition to its existing node operations. The announcement was made by Dirk Röder, the head of Web3 infrastructure and solutions at Deutsche Telekom’s subsidiary, T-Systems MMS, during the BTC Prague conference.
Deutsche Telekom’s Crypto Ventures
- Since 2023, Deutsche Telekom has been running Bitcoin and Bitcoin Lightning nodes, as revealed by Röder.
- The company has also been involved in operating nodes on other blockchain networks, including Polkadot, Flow, Celo, Polygon, and supporting the Q and Chainlink networks.
- In 2022, Deutsche Telekom announced its support for Ethereum by running validator nodes and cooperating with the liquid staking protocol, StakeWise, joining its governance DAO.
- The company has also made direct investments in the tokens of Polkadot and Celo protocols.
Expanding into Bitcoin Mining
- During his presentation at the BTC Prague conference, Röder announced that Deutsche Telekom would soon engage in “digital monetary photosynthesis,” which he clarified as the company’s plans to start mining Bitcoin.
- This move will further expand Deutsche Telekom’s involvement in the cryptocurrency space, as the company already has a significant presence in operating nodes for various blockchain networks.
YOU WERE NOT READY…
“Is T-Mobile mining #bitcoin?”
— @JoeNakamoto“We will!
With a chest full of fckng pride, I like to let you in on a little secret: We will engage in digital monetary photosynthesis soon.”
— @21hemoonYou heard it at #BTCPrague first! 🚀 https://t.co/gXbZMZqQRk pic.twitter.com/Asy5x5iA7M
— BTC Prague (@BTCPrague) June 14, 2024
Implications and Significance
Deutsche Telekom’s foray into Bitcoin mining represents a significant step forward in the company’s cryptocurrency strategy. As one of the largest telecommunications providers in Europe, this decision highlights the growing mainstream adoption and integration of cryptocurrencies within the traditional corporate landscape. The move also underscores the company’s commitment to exploring and capitalizing on the opportunities presented by the rapidly evolving digital asset ecosystem.
“We will engage in ‘digital monetary photosynthesis’ soon,” – Dirk Röder, Head of Web3 Infrastructure and Solutions at T-Systems MMS, Deutsche Telekom
