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Deutsche Telekom Initiates Bitcoin Mining Pilot Project
News on the Blockchain
November 05, 2024
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@newsontheblockchain, 05/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 761
Market Cap: $2.27T (1.64% decrease)
24h Volume: $83.26B (16.06% increase)
Bitcoin Dominance: 59.35%
Ethereum Dominance: 12.81%
ETH Gas Price: 3.48 Gwei
Fear & Greed Index: 50/100 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $68,059.99 | -1.54% | $1,346,079,831,432 | $40,821,083,169 |
Ethereum (ETH) | $2,413.44 | -2.49% | $290,618,760,098 | $17,411,962,444 |
Tether (USDT) | $0.9993 | -0.01% | $120,408,304,443 | $64,165,772,086 |
BNB (BNB) | $554.78 | -1.47% | $79,943,329,191 | $1,575,268,184 |
Solana (SOL) | $158.95 | -2.62% | $74,854,174,664 | $2,819,190,909 |
💹 Market Highlights:
Total DeFi Volume: $3.66B (4.40% of total volume)
Stablecoins Volume: $77.71B (93.33% of total volume)
Coin with Highest % Change: GRASS +9.25%
🔥Heat Map:
📈 Preview On Today’s News:
- Deutsche Telekom Initiates Bitcoin Mining Pilot Project
- Michigan Pension Fund Invests $6.9 Million in Bitcoin ETF
- Summary of Recent Developments in Cryptocurrency Investments
Keep reading for more!
Today’s Important News:
1)
Deutsche Telekom Initiates Bitcoin Mining Pilot Project
Deutsche Telekom, Europe's largest telecom provider, has begun testing Bitcoin mining utilizing surplus energy in collaboration with Bankhaus Metzler, one of Germany’s oldest banks. This pilot project aims to create a renewable energy-powered BTC mining infrastructure, reflecting the growing influence of the digital asset sector in Europe. The initiative follows earlier hints from the company regarding its interest in Bitcoin, particularly emphasizing its potential to stabilize energy grids during irregularities, similar to successful practices in other countries.
Deutsche Telekom is testing Bitcoin mining with surplus energy, partnering with Bankhaus Metzler to establish a renewable energy-powered infrastructure.
The pilot project aims to validate Bitcoin's potential role in stabilizing energy grids, highlighting the expanding influence of the cryptocurrency sector in Europe.
2)
Michigan Pension Fund Invests $6.9 Million in Bitcoin ETF
The State of Michigan pension fund has officially disclosed a $6.9 million investment in the ARK Bitcoin ETF, owning 110,000 shares of the cryptocurrency investment vehicle, as revealed in a recent SEC filing. This investment reflects the fund's sustained commitment to cryptocurrency, following a similar disclosure made earlier in July 2024. The trend of institutional investments in Bitcoin ETFs continues to grow, with various states, including Florida and Wisconsin, increasing their exposure to the crypto market amid its rising significance and value in the financial sector.
Investment Details: The Michigan pension fund invested $6.9 million in the ARK Bitcoin ETF, maintaining 110,000 shares, following a similar investment made earlier this year.
Broader Trend: The investment aligns with a growing trend among U.S. states increasing their cryptocurrency holdings, with notable investments also reported from Florida and Wisconsin.
3)
Summary of Recent Developments in Cryptocurrency Investments
A UK-based pension scheme has made headlines by allocating 3% of its fund to Bitcoin, highlighting a trend of pension funds moving into cryptocurrency investments. This decision follows a rigorous due diligence process and aims to reduce reliance on employer contributions. The report comes amid growing interest from pension funds worldwide, including significant allocations by firms like Legal and General and South Korea’s pension service in cryptocurrency assets.
Pension Funds Enter Crypto: A UK pension scheme allocated 3% to Bitcoin, reflecting a broader trend of pension funds exploring cryptocurrency investments to diversify and reduce dependency on employer contributions.
Global Trends: Other institutions, including South Korea’s pension service and UK’s Legal and General, are also increasing their exposure to crypto, signaling a shift in traditional investment strategies.
