The post German Companies Launch Renewable Energy Bitcoin Mining Pilot appeared on BitcoinEthereumNews.com.

TLDR Deutsche Telekom subsidiary and Bankhaus Metzler launch Bitcoin mining pilot project Project uses surplus renewable energy from photovoltaic power at RIVA Engineering Mining infrastructure hosted by Metis Solutions GmbH in Backnang, Germany Trial named “Digital Monetary Photosynthesis” aims to test grid stabilization Project represents collaboration between telecommunications, banking, and energy sectors Deutsche Telekom’s technology subsidiary Telekom MMS has partnered with German private bank Bankhaus Metzler to start a Bitcoin mining operation that runs on excess solar power. The project, launched in November 2024, marks one of Germany’s first major corporate ventures into cryptocurrency mining using renewable energy. The initiative, named “Digital Monetary Photosynthesis,” operates at RIVA Engineering GmbH’s facility in Backnang, Germany. RIVA Engineering, which produces metal and glass façades, has provided its existing photovoltaic power system for the experiment. Metis Solutions GmbH hosts the mining infrastructure at the site. The company has installed specialized equipment designed to capture and utilize surplus energy that would otherwise go unused during peak solar production periods. Telekom MMS brings its Web3 infrastructure expertise to manage the daily operations of the mining facility. The company oversees the technical aspects of converting excess solar power into Bitcoin mining operations. Bankhaus Metzler, one of Germany’s oldest private banks, contributes its financial expertise to the project. The bank plans to study how blockchain technology can improve energy management while exploring new digital asset services. The mining operation specifically targets periods when solar panels generate more electricity than the facility can use. Instead of letting this energy go to waste, the mining equipment activates to convert the surplus into digital currency. The project’s primary goal focuses on testing whether Bitcoin mining can help stabilize energy grids. When renewable energy sources produce more power than the grid demands, the mining operation can absorb this excess, potentially preventing grid…

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Filed under: News - @ November 5, 2024 11:21 am