Deutsche Telekom, along with its affiliate Telekom MMS, and Bankhaus Metzler, a German bank, have revealed a new pilot project. This initiative is designed to utilize surplus green energy for Bitcoin mining during times when energy production peaks. The companies state that this project aims to capture energy that would typically be wasted because of limited storage and delivery options.
Harnessing Excess Energy
As we see a rise in the use of photovoltaic and wind power in the energy grid, it’s crucial to discover methods to utilize the excess energy produced during good weather. The telecom giant plans to leverage this project to gather important field data and insights, which will be helpful for future endeavors.
Addressing Energy Fluctuations
With more renewable energy being added to the grid, the demand for readily available control power is increasing due to the fluctuations in energy supply. To tackle these issues, it’s essential to have systems that can quickly adapt to changes and manage these fluctuations. In collaboration with Bankhaus Metzler and RIVA Engineering GmbH, we're moving forward in exploring how Bitcoin miners can help maintain grid stability.
- Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS.
Project Details
Currently, there are no details on how long the pilot will last or how much investment is needed.
The idea of harnessing surplus green energy for cryptocurrency mining, informally known as "digital monetary photosynthesis," has been successfully executed in various countries, including Finland and the USA. The International Energy Agency’s (IEA) Electricity 2024 report indicates that cryptocurrency mining, mainly Bitcoin, consumed 110 terawatt-hours (TWh) of electricity in 2022, which is about 0.4% of the total yearly global demand, similar to the electricity usage of the Netherlands.
Deutsche Telekom (in German)
