2 min read
Deutsche Telekom subsidiary T-Systems MMS has launched a pilot project in collaboration with Bankhaus Metzler to operate Bitcoin mining infrastructure powered by surplus renewable energy.
According to a recent announcement, the initiative aims to utilize electricity from renewable sources that would otherwise remain unused due to grid limitations or insufficient storage options. The project, "Digital Monetary Photosynthesis," seeks to provide valuable data and insights for planning future endeavors to stabilize energy grids.
By using excess energy for Bitcoin mining, the partners aim to contribute to balancing supply and demand within the energy grid, mirroring a strategy employed by miners in the U.S. state of Texas. As renewable energy production from sources like photovoltaic systems and wind turbines increases, energy grids face challenges due to irregular production peaks influenced by weather conditions.
These fluctuations create a growing need for mechanisms that can quickly respond to changes and absorb excess energy. Bitcoin miners, with their flexible load capacity, are seen as potential contributors to providing the necessary regulating power.
"We need mechanisms that can respond quickly to changes and absorb fluctuations.," said Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at T-Systems MMS. "Surplus energy is converted into digital values through the miners."
The hosting partner for the project is Metis Solutions GmbH, and the mining hardware is located at RIVA Engineering GmbH in Backnang, Germany. RIVA Engineering, a manufacturer of metal and glass facades, generates its own electricity through a photovoltaic system.
T-Systems MMS will manage the operation of the mining devices, leveraging its experience with Web3 infrastructure. Bankhaus Metzler will define test runs and analyze data to explore further possibilities of financial services involving digital assets.
"Our goal is to gain experience in various application areas to further advance the innovative power of blockchain technology in Germany," said Hendrik König, Head of Digital Assets Office at Bankhaus Metzler. "Blockchain technology is gaining increasing importance in operational business outside the financial industry — and a trusted financial partner is indispensable for managing crypto assets."
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