Germany-based telecommunications giant Deutsche Telekom has taken an important step into the world of crypto money. The company announced that it will start Bitcoin (BTC) mining. This move is an extension of Deutsche Telekom’s ongoing Web3 initiatives.
Deutsche Telekom will mine Bitcoin
Deutsche Telekom has been continuing its Bitcoin-related activities since 2023. The company has operated both Bitcoin and Bitcoin Lightning Network nodes since then. Speaking at the BTC Prague conference, Dirk Röder, Deutsche Telekom’s head of Web3 infrastructure and solutions, made important statements about the company’s work in the field of digital currencies:
We have been running a Bitcoin node and Bitcoin Lightning Network nodes since 2023. Let me tell you a little secret: We will soon delve into cryptocurrency photosynthesis.
The phrase “digital money photosynthesis” used by Röder in his speech attracted attention. Röder was asked to explain what this statement meant, but Röder simply replied “we will”.Although Deutsche Telekom is stepping into the cryptocurrency world with Bitcoin mining, the company has previously played an active role in the Web3 field. Deutsche Telekom, which has been a Polygon validator since June 2023, has taken a determined stance on using its extensive infrastructure to create new revenue streams.
The company is one of 100 validators on Polygon
As one of the 100 validators, Deutsche Telekom has been providing staking and verification services on Polygon for over a year, supporting the platform’s proof-of-stake consensus mechanism. Deutsche Telekom, which also partnered with decentralized artificial intelligence (AI) platform Fetch.ai in February, serves as a validator on the Fetch.ai blockchain. In this way, it contributes to Fetch.ai’s artificial intelligence-supported autonomous agents providing services in the fields of healthcare, automotive, supply chain management and digital identity. With this autonomy, it operates in these areas by managing resources, executing transactions and analyzing traffic flows. It is also worth noting that the company also runs nodes on Celo.
Other partnerships between Deutsche Telekom and blockchain companies include running a verification node for Polygon and supporting the Q and Chainlink blockchain networks. Deutsche Telekom’s step into Bitcoin mining can be considered as an indicator of the increasing interest of traditional telecommunication companies in the cryptocurrency market. The company’s use of the phrase “cryptocurrency photosynthesis” suggests that it plans to take a unique approach to cryptocurrency mining. It is not yet clear how exactly Röder meant this statement. More information is expected to emerge about Deutsche Telekom’s Bitcoin mining activities and its “crypto (digital) money photosynthesis” approach in the coming period.
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