Deutsche Telekom ventures into Bitcoin mining with renewable energy

Deutsche Telekom is set to venture into Bitcoin mining, in a positive sign of adoption for the world’s first cryptocurrency.

Deutsche Telekom, Europe’s largest telecommunications provider, announced a new Bitcoin (BTC) mining project using surplus energy from renewable sources, which would otherwise remain unused.

The new Bitcoin mining project, called “Digital Monetary Photosynthesis,” is developed by Deutsche Telekom’s subsidiary MMS in collaboration with Bankhaus Metzler.

Telekom partners with Metzler. Source: Telekom.

The Bitcoin mining rigs will be set up in Backnang, Germany, on the premise of metal and glass facades manufacturer Riva, with the rigs managed by Metis Solutions, Deutsche Telekom announced on Nov. 11.

The telecommunications giant’s announcement comes a week after Bitcoin’s white paper turned 16, showcasing the utility and continued global adoption of the world’s first blockchain network.

Related: Coinbase hit with $300M token listing allegations by Sun and Cronje

This is a developing story, and further information will be added as it becomes available.