Deutsche Telekom Ventures into Bitcoin Mining, Enhances Web3 Presence
- Since June 2023, the company has been a Polygon validator on Web3.
- To launch corporate AI, Fetch.ai teamed up with Deutsche Telekom in February.
After becoming a validator on Fetch.ai’s decentralized blockchain, Deutsche Telekom set its sights on expanding Web3. In continuation with its current crypto-based initiatives, Deutsche Telekom has declared its intention to begin Bitcoin mining. Since 2023, the telecom company has operated Bitcoin nodes, and they are now running Bitcoin Lightning Network nodes as well.
Deutsche Telekom’s Dirk Röder, who is in charge of Web3 infrastructure and solutions, spoke about the company’s intentions when speaking at BTC Prague.
Röder stated:
“Since 2023, we are running a Bitcoin node, and we are running Bitcoin Lightning nodes as well […] I like to let you in on a little secret we will engage in digital monetary photosynthesis soon.”
Banking on Vast Infrastructure
Since June 2023, the company has been a Polygon validator on Web3, putting it in a prime position to use its vast infrastructure to its advantage and make new sources of income. For more than a year, Deutsche Telekom has supported Polygon’s proof-of-stake consensus process as one of 100 validators, providing staking and validation services.
To launch corporate AI, Fetch.ai, a decentralized AI platform, teamed up with Deutsche Telekom in February. The telecom company validates transactions on the Fetch.ai blockchain, which helps to back Fetch.ai’s autonomous agents powered by artificial intelligence. Through resource management, transaction processing, and traffic flow analysis, these autonomous agents offer services in digital identities, healthcare, and the automobile industry.
On June 10, miners sold more Bitcoin than they had sold since late March 2024, as the price of cryptocurrencies fell and liquidations ramped up. A key factor influencing market trends is the attitude of Bitcoin miners towards retaining or selling reserves.
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