Deutsche Telekom enters Bitcoin mining industry

T-Mobile Deutsche Telekom has announced a major move into the Bitcoin mining industry. This step marks a significant expansion of their ongoing activities in the crypto space. The telecommunications giant has been actively engaged in the cryptocurrency market for a while now.

Also Read: Fetch.ai Joins Deutsche Telekom to Enhance AI and Blockchain

Since 2023, Deutsche Telekom has been running a Bitcoin node and operating Bitcoin Lightning Network nodes, showing a keen interest in the decentralized currency sector. During the BTC Prague conference, Dirk Röder, the head of Web3 infrastructure and solutions at Deutsche Telekom, made the surprising revelation.

Deutsche Telekom runs a Bitcoin node

Röder mentioned, “Since 2023, we are running a Bitcoin node, and we are running Bitcoin Lightning nodes as well. I would like to let you in on a little secret: we will engage in digital monetary photosynthesis soon.” When asked by Joseph Hall to elaborate on the term “digital monetary photosynthesis,” Röder simply responded, “We will.”

T-Mobile Deutsche Telekom are running Bitcoin nodes, Lightning nodes and will start mining #bitcoin

WHAT A TIME TO BE ALIVE. pic.twitter.com/r7rihAinXt

— Daniel Sempere Pico (@BTCGandalf) June 14, 2024

Deutsche Telekom MMS’s subsidiary offers staking and validation services for the PoS network and its Supernet solutions. These services reinforce Deutsche Telekom’s commitment to blockchain and cryptocurrency developments. Dirk Röder’s announcement at BTC Prague also highlighted the company’s ambitious plans. He emphasized the potential impact of Deutsche Telekom’s involvement in Bitcoin mining on the broader cryptocurrency market.

Deutsche Telekom becomes a Polygon validator

The news of Deutsche Telekom’s entry into Bitcoin mining has significant implications for the cryptocurrency market. The company has been reportedly building its blockchain capabilities over the past few months. Last year, Deutsche Telekom signed a notable agreement with Polygon, the Layer-2 scaling protocol of Ethereum. This partnership makes Deutsche Telekom one of the 100 Polygon Proof of Stake (PoS) network validators.

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Deutsche Telekom’s role as a validator extends beyond Polygon. The company also validates Q, Flow, Celo, Chainlink, and Ethereum networks. Röder explained that they want to serve institutional clients as a reliable enterprise-grade staking provider. By leveraging its infrastructure as a validator and monetizing the native tokens of the underlying blockchain networks, Deutsche Telekom has found a new and scalable source of income.

Röder stated, “Deutsche Telekom is not only a renowned infrastructure provider for mobile and internet services but is also making significant commitments to expand its presence and reliability as an infrastructure provider in the Web3 domain.”

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Cryptopolitan reporting by Jai Hamid