German telecommunications giant Deutsche Telekom also known as T-Mobile is already making plans to fully delve into Bitcoin mining in the near future.
BTC Prague, a significant event for the Bitcoin community, is currently holding and on Friday, T-Mobile Web3 Chief Dirk Roder announced his firm’s intention to mine Bitcoin. In a short speech snippet, he said revealed that the company has been running its own node for a while. He added that T-Mobile is planning to get involved in “digital monetary photosynthesis.”
Then Joe Nakamoto tried to seek more clarity demanding to know if the German telecommunications company plans to mine Bitcoin. In response, Roder said,
“We will.”
YOU WERE NOT READY…
“Is T-Mobile mining #bitcoin?”
— @JoeNakamoto“We will!
With a chest full of fckng pride, I like to let you in on a little secret: We will engage in digital monetary photosynthesis soon.”
— @21hemoonYou heard it at #BTCPrague first! 🚀 https://t.co/gXbZMZqQRk pic.twitter.com/Asy5x5iA7M
— BTC Prague (@BTCPrague) June 14, 2024
If this eventually happens, this will mark a big paradigm shift for the broader crypto industry considering Deutsche Telekom’s reputation. In the last few months, the German company has been pushing enormously towards the blockchain industry.
On May 31, Ethereum (ETH) Layer-2 scaling protocol Polygon (MATIC) inked a partnership with the telecommunication giant. The partnership made Deutsche Telekom one of the validators on the Polygon Proof-of-Stake (PoS) network. At the same time, it helps the company explore the full potential of blockchain technology.
Consequently, Deutsche Telekom’s subsidiary, Deutsche Telekom MMS started providing both staking and validation services for both Polygon’s PoS network and Supernet solutions.
Similarly, United Kingdom-headquartered Artificial Intelligence (AI) company Fetch.ai inked a new strategic partnership with Deutsche Telekom and Bosch in a bid to boost its AI and blockchain offerings. As a validator for Fetch.ai, the German firm’s responsibility includes acting as a protector of the network’s integrity and their primary duty is to ensure that all transactions are secure and reliable.
Meanwhile, the Bitcoin mining industry is facing some challenges at present. After the Bitcoin halving event in April 2024, miners revenue fell significantly while mining cost for the lead cryptocurrency grew significantly.
The average cost of mining 1 BTC is around $77,000 and on the other hand, mining revenue went from $78,000 to $35,000. According to Ali Martinez, “this spike in expenses has led to a wave of capitulation among #BTC miners in the past month.”
All of these outlooks have contributed to a drop in the price of Bitcoin. The coin is currently down to $65,815.27 after reaching $71,000 a few days ago. Earlier today, Bitcoin price slumped as low as $65,000 with more than an 8% slump in 7 days.
Despite this, Deutsche Telekom might hit profitability if it choose to join the likes of Tether in mining the coin.
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