German telecommunications giant Deutsche Telekom indicates that it is considering entering the Bitcoin mining industry through its executive.
Deutsche Telekom, a German telecommunications company also known as T-Mobile, is currently in the process of developing plans to thoroughly engage in Bitcoin mining in the near future.
Deutsche Telekom in the Blockchain Ecosystem
BTC Prague, a significant event for the Bitcoin community, is presently underway.
On Friday, Dirk Roder, Chief Executive Officer of T-Mobile Web3, disclosed his organization’s intention to mine Bitcoin.
In a brief speech snippet, he revealed that the company has been operating its own node for a while.
He further stated that T-Mobile intends to participate in “digital monetary photosynthesis.”
Then, Joe Nakamoto attempted to obtain more details, specifically inquiring as to whether the German telecommunications company intended to mine Bitcoin.
Roder replied, “We will.”
The broader crypto industry will undergo a significant paradigm shift if this ultimately transpires, given Deutsche Telekom’s reputation.
The German company has made significant strides in the blockchain industry over the past few months.
On May 31, Ethereum (ETH) Layer-2 scaling protocol Polygon (MATIC) announced a collaboration with the telecommunications giant.
Deutsche Telekom became one of the validators on the Polygon Proof-of-Stake (PoS) network as a result of the partnership.
Concurrently, it facilitates the organization’s investigation of blockchain technology’s complete capabilities.
As a result, Deutsche Telekom’s subsidiary, Deutsche Telekom MMS, began offering both staking and validation services for Polygon’s PoS network and Supernet solutions.
Similarly, Fetch.ai, an Artificial Intelligence (AI) company based in the United Kingdom, has entered into a new strategic partnership with Deutsche Telekom and Bosch to enhance its AI and blockchain offerings.
The primary responsibility of the German firm as a validator for Fetch.ai is to ensure that all transactions are secure and reliable, as well as to safeguard the network’s integrity.
Bitcoin Mining Industry Sees Low Revenue
However, the Bitcoin mining industry is currently encountering certain obstacles.
After the Bitcoin halving event in April 2024, the revenue of miners experienced a substantial decline, while the mining cost for the lead cryptocurrency increased substantially.
While the average cost of mining 1 BTC is around $77,000, the mining revenue has decreased from $78,000 to $35,000.
Ali Martinez has stated that, “this spike in expenses has led to a wave of capitulation among #BTC miners in the past month.”
The price of Bitcoin has decreased as a result of all of these outlooks.
After reaching $71,000 a few days ago, the coin is currently trading at $65,815.27.
Earlier today, Bitcoin price plummeted to $65,000, marking a more than 8% decline in 7 days.
Despite this, Deutsche Telekom might hit profitability if it choose to join the likes of Tether in mining the coin.