• Crypto & Funx
• 17 May, 2024

Deutsche Telekom and Bankhaus Metzler launched a pilot project to mine Bitcoin using surplus renewable energy.

The initiative aims to stabilize the energy grid by converting excess electricity into digital value.

Long-term goals include supporting energy producers and advancing blockchain integration in Germany's financial sector.

ankhaus Metzler, a historic financial institution in Germany, takes the lead on the financial side, exploring how blockchain technology could integrate with traditional financial services.

The rise in electricity production from renewable energy sources has created a need for effective power regulation. When production peaks, the amount of electricity generated can exceed immediate demand, leading to an excess that risks overloading the power grid. Therefore, managing this surplus is crucial for maintaining grid stability. Countries like the United States and Finland have explored similar methods to stabilize their grids.

Harnessing Blockchain for Financial Innovation

Oliver Nyderle, Head of Digital Trust and Web3 Infrastructure at Deuts

“For this, we need mechanisms that can respond quickly to changes and absorb fluctuations. Together with Bankhaus Metzler and RIVA Engineering GmbH, we are taking a step in this direction to test the regulatory effect of Bitcoin miners in the energy grid. Surplus energy is converted into digital values through the miners. We call this digital monetary photosynthesis.”