Deutsche Telekom and Bankhaus Metzler Pilot Bitcoin Mining with Surplus Renewable Energy to Aid Grid Stability in Germany

Deutsche Telekom and Bankhaus Metzler Pilot Bitcoin Mining with Surplus Renewable Energy to Aid Grid Stability in Germany

(IN BRIEF) Deutsche Telekom’s MMS and Bankhaus Metzler have launched a pilot project, “Digital Monetary Photosynthesis,” using surplus renewable energy to power Bitcoin mining as a means of stabilizing Germany’s energy grid. By converting unused renewable energy from sources like solar and wind into digital assets, the project aims to address grid fluctuations and assess Bitcoin mining’s potential as a regulatory tool. Hosted at RIVA Engineering GmbH, the project will also help Bankhaus Metzler explore new digital asset financial solutions.

(PRESS RELEASE) BONN, 5-Nov-2024 — /EuropaWire/ — Deutsche Telekom’s subsidiary, MMS, has partnered with Bankhaus Metzler to launch a pioneering pilot project called “Digital Monetary Photosynthesis,” aiming to stabilize energy grids by using surplus renewable energy for Bitcoin mining. This initiative, hosted by Metis Solutions GmbH, will operate a Bitcoin mining container at RIVA Engineering GmbH’s premises in Backnang, Germany, powered by surplus energy from a photovoltaic system. This project’s goal is to test whether Bitcoin mining can effectively convert excess renewable energy into digital assets, providing a flexible load solution that helps balance grid supply and demand.

The pilot will gather valuable data to inform future projects, as renewable energy sources like solar and wind often produce excess energy that cannot be stored or fed back into the grid due to fluctuations. Similar uses of Bitcoin mining for grid stabilization are already underway in countries like the USA and Finland. The project hopes to validate this approach for Germany, potentially offering wind and solar power producers a way to harness their surplus energy effectively.

With a focus on web3 infrastructure, Telekom MMS will manage the mining operation, while Bankhaus Metzler, through its Digital Assets Office, will explore potential financial applications of the pilot. Together, these organizations aim to assess the viability of Bitcoin mining as a regulatory tool in energy grids, with Bankhaus Metzler focusing on advancing blockchain solutions for digital assets in Germany.

According to Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at Telekom MMS, the project seeks to respond swiftly to energy fluctuations by transforming surplus energy into digital assets. Bankhaus Metzler’s Head of Digital Assets, Hendrik König, emphasized that the project is part of Metzler’s broader goal to leverage blockchain technology for innovative business solutions beyond the financial industry.

Since 2020, Telekom MMS has supported decentralized protocols, adding a Bitcoin node in 2023. Bankhaus Metzler’s Digital Assets Office, founded in 2022, aims to advance blockchain technology as a strategic priority for delivering cutting-edge services to clients. The pilot project reflects both organizations’ commitment to digital transformation and sustainable innovation in energy and finance.

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SOURCE: Deutsche Telekom AG