U.Today - MMS, part of German telecom giant Deutsche Telekom (ETR:DTEGn), has launched a trial Bitcoin (BTC) mining project with Bankhaus Metzler. The mission of the project is to create a system for mining BTC that will use excess energy produced by renewable sources such as solar and wind and, as a result, help stabilize the country's power grid by using excess renewable energy.
The responsibilities in this partnership are split so that MMS is going to use its Web3 expertise to run mining systems, while Bankhaus Metzler will look for new opportunities to perform financial services related to digital assets.
Based on the results of this pilot, the partners plan to assess the feasibility of larger-scale projects and further blockchain integrations in the German energy sector.
All pros, no cons?
The idea apparently arose from the fact that Germany is using more and more renewable energy sources, and that the power grid is facing increasing challenges in managing the sudden changes in capacity caused by different levels of production.Importantly, the project will be launched in a pilot phase. It should provide insight into the potential of Bitcoin mining as a tool for energy regulation, a strategy that is already in use in other countries such as the U.S. and Finland.
Through the use of regulated mining loads, surplus energy can be diverted to cryptocurrency mining during times of low demand, which can help eliminate the fluctuations often faced by renewable energy producers.