Deutsche Telekom (DTE), Europe's largest telecommunications provider, says it plans to start mining Bitcoin (BTC).
The announcement, made at a conference in Prague, Czechia, comes after the company started running a Bitcoin node in 2023.
The move could also see T-Mobile (TMUS), which Deutsche Telekom has a large stake in, also begin mining Bitcoin, it was confirmed at the conference.
T-Mobile itself has not made any public announcements concerning cryptocurrency mining.
Deutsche Telekom executives said that their move into the crypto space won’t be confined to Bitcoin. The company is also increasing its involvement in several blockchain initiatives.
Deutsche Telekom already supports the Ethereum (ETH) network.
Exactly how big Deutsche Telekom’s Bitcoin mining operation will be and how much cryptocurrency it ultimately hopes to mine has not been disclosed.
Bitcoin mining is becoming more concentrated with industry consolidation underway after BTC underwent a halving event this April.
Halving events are when the available supply of Bitcoin and the rewards for mining it are cut in half.
The price of Bitcoin has risen 48% so far in 2024 to trade at $65,500 U.S. per token.
The stock of Deutsche Telekom has gained 3% on the year and trades at Euros $22.59 ($24.20 U.S.) per share.
