Deutsche Telekom Announces Bitcoin Mining Intention

• Deutsche Telekom announces plans to fully delve into Bitcoin mining.
• partnership with Polygon positions Deutsche Telekom as a validator on the PoS network.

Significantly for the cryptocurrency space, German telecom giant Deutsche Telekom has declared its intention to go all in on Bitcoin mining. The Bitcoin community was in Prague for BTC Prague when this disclosure was revealed.

In his address, Deutsche Telekom Web3 CEO Dirk Roder revealed the company’s intentions and noted that the business has been operating its own Bitcoin node for some time. He went into more detail on the company’s goal of “digital monetary photosynthesis.”

Blockchain researcher Collin Brown commented warmly on this move, advicing to watch out for Telekom’s blockchain future.

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Telekom just made a bold move into #Bitcoinmining! ???? Dirk Roder, head of Web3 at Deutsche Telekom, dropped the bomb at @btcprague. He’s orange-pilling the company and set up their first node. Watch out for Telekom’s blockchain future! ⛏️⚡️ #Bitcoin pic.twitter.com/rPjlrVFiBn

— Collin Brown (@CollinBrownXRP) June 15, 2024

Joe Nakamoto Seeks Clarity 

Interest in the announcement prompted Joe Nakamoto to ask for more details about the company’s intentions. “We will,” Roder assuredly said when asked if the German telecoms firm really planned to mine Bitcoin.

With the company’s strong reputation and influence, this confirmation has important ramifications, as it might signal a paradigm shift in the larger cryptocurrency market.

Deutsche Telekom has been implementing blockchain technology rather well within the last few months. A prominent instance is the agreement signed on May 31 with Polygon (MATIC), the Layer-2 scaling protocol of Ethereum, following reports from Crypto News Flash.

By this strategic partnership, Deutsche Telekom is now one of the 100 validators on the Polygon Proof of Stake (PoS) network.

Deutsche Telekom MMS: Staking and Validation Services

Following this collaboration, a subsidiary of Deutsche Telekom MMS is now providing staking and validation services. The PoS network and its Supernet solutions of Polygon depend on these services, which strengthen Deutsche Telekom’s dedication to blockchain and cryptocurrency developments.

With Deutsche Telekom’s foray into bitcoin mining, the cryptocurrency scene is about to undergo major transformation. With the corporation involved, blockchain technologies should gain more acceptance and legitimacy.

Meanwhile, according to CoinGecko, the BTC price is currently around $66,193.78, down 1,28% in the previous 24 hours. Also, it reflects a similar position, having slipped 4.67% over the last seven days.