Coinfeeds Daily → Telecom Giants Coolpad and Deutsche Telekom Dive into Bitcoin Mining

Telecom Giants Coolpad and Deutsche Telekom Dive into Bitcoin Mining

Published: Jun 18, 2024 | Last Updated: Jun 18, 2024
Howard Kane

Coolpad invests $13.5M in mining rigs, while Deutsche Telekom expands its digital assets footprint, signaling a major shift in the telecom and crypto industries.

In recent developments, major telecom companies are making significant moves into the cryptocurrency space, specifically Bitcoin mining. This article explores the strategic decisions of two telecom giants, Coolpad Group and Deutsche Telekom, as they venture into the world of digital assets.

Coolpad Group's $13.5 Million Investment in Bitcoin Mining

Coolpad Group, a telecom provider based in Shenzhen, China, has announced a substantial investment of $13.5 million in Bitcoin mining. The company plans to acquire 2,700 Bitcoin mining rigs, which will be deployed in North America. This move is aimed at significantly boosting Coolpad's computing power and marks the company's entry into the cryptocurrency and Web3 space.

The mining rigs will be purchased from JingYun Intelligent Technology, a Hong Kong-based firm. However, the original manufacturer of these rigs has not been disclosed. Coolpad's investment strategy also includes a multi-million share purchase plan targeting US-based crypto firms, including Bitcoin miner CleanSpark. This indicates Coolpad's broader interest in expanding its footprint in the crypto sector.

Deutsche Telekom's Entry into Bitcoin Mining

Deutsche Telekom, the parent company of T-Mobile, has also announced its plans to mine Bitcoin. This was confirmed by Dirk Röder, Head of Web3 infrastructure at T-Mobile's Telekom MMS, during the BTC Prague conference. Although specific details about the mining operations have not been disclosed, Deutsche Telekom's entry into Bitcoin mining is seen as a significant development for the industry.

Deutsche Telekom has been actively involved in the digital assets sector for some time. The company runs validators on various networks and has been operating a Bitcoin node and Lightning nodes since 2023. This move into Bitcoin mining is a natural extension of their existing activities in the digital assets space.

Implications for the Telecom and Crypto Industries

The entry of major telecom companies like Coolpad Group and Deutsche Telekom into Bitcoin mining has several implications. It signifies a growing interest and confidence in the potential of cryptocurrencies and blockchain technology. These companies are leveraging their existing technological infrastructure and expertise to explore new revenue streams in the digital assets sector.

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