NASDAQ-listed coal mining company Alliance Resource Partners (ARLP) said in an earnings call that it mined $30 million worth of bitcoin (BTC) using excess energy from its facilities.
“In the second half of 2020, we began mining Bitcoin as a pilot project to monetize the already paid but underutilized electrical load from our River View mine,” said Cary Marshall, the company’s chief financial officer. , during a call for results.
Marshall said that at the end of the quarter, the company had 425 bitcoins on its balance sheet – which it values at $30 million – and that after taking into account the net costs of property, plant and equipment, it was up by $7.3 million.
Marshall said the company “does not buy bitcoin or anything like that” and that it only mines bitcoin with the equipment it has.
“We have additional capacity that we rent 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 said. he continued.
Overall, ARLP’s bitcoin holdings on the balance sheet are relatively small. Data compiled by BitcoinTreasuries.net shows that MicroStrategy has the largest holdings at $13.5 billion. Other notable entries on the list include Tesla, which has $615 million.
