Germany’s Deutsche Telekom is expected to begin mining Bitcoin, as revealed by Dirk Röder, the head of web3 Infrastructure and solutions at its subsidiary Telekom MMS. Röder hinted at this development during a talk at the BTC Prague conference around June 14.
Deutsche Telekom’s Bitcoin Mining Plans
Röder indicated that the firm would soon start “engaging in digital monetary photosynthesis.” When asked directly if the company would mine Bitcoin, Röder confirmed with a simple, “We will.” He further mentioned that since 2023, the company has operated both a Bitcoin node and a Lightning Network node.
Röder shared an interesting anecdote from his interview for the Web3 infrastructure team lead position in 2022, where he was “not allowed to use [the] word Bitcoin.” This highlights a significant shift in Deutsche Telekom’s approach to cryptocurrency.
Deutsche Telekom and its subsidiary, T-Systems MMS, officially operate validators for Polygon, Q, Flow, Celo, Chainlink, and Ethereum. The companies also hold tokens from some projects and have partnered with StakeWise for liquid ETH staking.
Coolpad to Increase Hash Power
Meanwhile, China-based telecom company Coolpad plans to expand its Bitcoin mining operations in North America with a $13.6 million investment. This plan was disclosed in a June 13 filing with the Hong Kong Stock Exchange.
Coolpad aims to increase its hash power to 1.5 million TH/S from 873,000 TH/S by deploying the new equipment in North America. The company is actively pursuing opportunities in the crypto sector, referring to it as an “application of Web 3.0 technology” and plans to continue expanding its investments.
Coolpad’s Investments in the Crypto Sector
In the second half of 2023, Coolpad began its mining operations. Additionally, in May 2024, the company announced its purchase of shares in Cleanspark (CLSK) and BlackRock’s iShares Bitcoin Trust (IBIT). Coolpad also indicated potential future investments in other spot Bitcoin ETFs and securities within the crypto sector.
Coolpad’s board has described crypto mining as an “attractive business” that could enhance the company’s long-term profitability and create a more diversified balance of business segments.
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