Bitcoin
Alliance Resource Rises 5% After Coal Miner Says It Mines Bitcoin With Extra Electricity
NASDAQ-listed coal miner Alliance Resource Partners (ARLP) said in a conference call that it has mined $30 million worth of bitcoin (BTC) using excess energy in your facilities.
“In the second half of 2020, we began mining bitcoin as a pilot project to monetize already paid but underutilized electricity load at our River View mine,” said Cary Marshall, the company’s chief financial officer, during an earnings call.
Marshall said that at the end of the quarter, the company had 425 bitcoins on its balance sheet – which it is valuing at $30 million – and after considering the net costs of tangible fixed assets, it increased by $7.3 million.
Marshall said the company is not “buying bitcoin or anything of that nature” and is only mining bitcoin with the equipment it has.
“We have some extra capacity that we are renting to other bitcoin miners within the data center that we actually built for this bitcoin mining to take advantage of the low energy costs that we have,” he continued.
In the grand scheme of things, ARLP’s bitcoin on the balance sheet is relatively small. Data compiled by BitcoinTreasuries.net shows that MicroStrategy has the largest holdings, with $13.5 billion. Other notable entries on the list include Tesla, which has $615 million.