Deutsche Telekom, the German telecommunications giant, is planning to enter the Bitcoin mining scene, according to its executive. This move marks a significant shift for the company, which has been actively exploring blockchain technology.

Deutsche Telekom's Blockchain Ambitions

The company has been running its own node for some time and is now planning to get involved in "digital monetary photosynthesis." This move is part of its broader efforts to delve into the blockchain ecosystem. In recent months, Deutsche Telekom has been pushing towards the blockchain industry, partnering with companies like Polygon and Fetch.ai.

Bitcoin Mining Challenges

The Bitcoin mining industry is currently facing challenges, with revenue falling significantly after the Bitcoin halving event in April 2024. The average cost of mining 1 BTC is around $77,000, while mining revenue has dropped from $78,000 to $35,000. This has led to a wave of capitulation among Bitcoin miners, contributing to a drop in the price of Bitcoin.

Deutsche Telekom's Potential Profitability

Despite these challenges, Deutsche Telekom might hit profitability if it chooses to join the likes of Tether in mining Bitcoin. The company's entry into the mining scene could have significant implications for the broader crypto industry, given its reputation and influence.