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Deutsche Telekom, known as T-Mobile, plans to enter the Bitcoin mining industry, marking a significant shift in the crypto sector. CEO Dirk Roder announced the company's intentions at BTC Prague, signaling a bold move for the telecommunications giant.
Deutsche Telekom Announces Bitcoin Mining Plans at BTC Prague, Signaling Major Shift in Crypto Strategy
According to CoinGape, Deutsche Telekom, a German telecommunications company known as T-Mobile, is developing plans to engage in Bitcoin mining shortly.
BTC Prague is underway, a significant event for the Bitcoin community. On June 14, Dirk Roder, CEO of T-Mobile Web3, disclosed his organization's intention to mine Bitcoin in a brief speech excerpt. He said the organization has been operating its node for an extended period and intends to participate in “digital monetary photosynthesis.”
Then, Joe Nakamoto attempted to obtain additional information, explicitly inquiring whether the German telecommunications company intended to mine Bitcoin. Roder responded by stating, “We will.”
If it ultimately occurs, this will represent a significant paradigm shift for the broader crypto industry, given Deutsche Telekom's reputation. The German company has made significant strides in the blockchain industry over the past few months.
Polygon (MATIC), a Layer-2 scaling protocol for Ethereum (ETH), partnered with Deutsche Telekom on May 31. As a result of the partnership, Deutsche Telekom became one of the validators on the Polygon Proof-of-Stake (PoS) network. Concurrently, it facilitates the organization's investigation of blockchain technology's capabilities.
As a result, Deutsche Telekom MMS, a subsidiary of Deutsche Telekom, began offering staking and validation services for Polygon's PoS network and Supernet solutions.
In a similar vein, 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 and to safeguard the network's integrity.
Bitcoin Mining Faces Revenue Challenges Post-Halving, Deutsche Telekom's Entry Could Impact Profitability
In the interim, the Bitcoin mining sector faces certain obstacles. Miners' revenue experienced a substantial decline following the Bitcoin halving event in April 2024, while the mining cost for the lead cryptocurrency increased substantially.
While the average expense of mining 1 BTC is approximately $77,000, the mining revenue has decreased from $78,000 to $35,000. Ali Martinez asserts, “This spike in expenses has led to a wave of capitulation among #BTC miners in the past month.”
Due to all of these predictions, the price of Bitcoin has decreased. After reaching $71,000 a few days ago, the coin currently trades at $65,815.27. The price of Bitcoin plummeted to $65,000, representing a more than 8% decline in the past seven days.
Despite this, Deutsche Telekom may experience a decline in profitability if it decides to participate in coin mining alongside established players such as Tether.
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