Germany’s Deutsche Telekom is considering Bitcoin mining, Chinese telecom company Coolpad adds hashrate
Germany’s Deutsche Telekom is expected to start mining Bitcoin, according to an executive at subsidiary Telekom MMS.
Dirk Röder, head of web3 Infrastructure and Solutions, teased this plan during a talk at the BTC Prague conference around June 14th.
Meanwhile, Coolpad, another China-based telecom company, is looking to expand its mining operations in North America with a $13.6 million investment.
Deutsche Telekom
Röder said the company will soon begin “participating in digital currency photosynthesis.” When the host asked if the company mines Bitcoin, Röder simply said:
“We will.”
Röder added that the company has been operating Bitcoin nodes and Lightning Network nodes since 2023.
He also revealed that when Deutsche Telekom interviewed him to lead its Web3 infrastructure team in 2022, he “couldn’t use the word Bitcoin” in the interview. This marks a notable shift in the company’s stance on its flagship cryptocurrency.
Deutsche Telekom has officially stated that it and its subsidiary T-Systems MMS operate validators for Polygon, Q, Flow, Celo, Chainlink, and Ethereum. The company also holds tokens associated with some of its projects and has partnered with StakeWise for liquid ETH staking.
Coolpad to increase hash power
Chinese telecommunications group Coolpad disclosed plans to acquire $13.6 million worth of Bitcoin mining equipment in a document filed with the Hong Kong Stock Exchange on June 13.
The group plans to increase its hashing power from 873,000 TH/S to 1.5 million TH/S by deploying equipment in North America.
Coolpad said it plans to continue to expand its investments, saying it is “actively pursuing opportunities” in the cryptocurrency field, which it calls “applying Web 3.0 technologies.” Meanwhile, the group’s board called cryptocurrency mining an “attractive business” that could boost Coolpad’s long-term profitability and create a more diverse balance of business segments.
Coolpad began mining in the second half of 2023.
Additionally, in May 2024, Coolpad disclosed that it had purchased shares of Cleanspark (CLSK) and BlackRock’s iShares Bitcoin Trust (IBIT). Coolpad said it may also purchase various other spot Bitcoin ETFs and securities in the cryptocurrency sector in the future.
