Coal Giant Alliance Resource Has Been Mining Bitcoin Using Excess Electricity Since 2020
Alliance Resource Partners (ARLP), a prominent coal mining company listed on the NASDAQ, has mined $30 million worth of Bitcoin by utilizing excess power at its facilities.
During an earnings call on Monday , Cary Marshall, the chief financial officer of ARLP, revealed that the company embarked on a pilot project in the latter half of 2020 to capitalize on the already paid-for electricity.
“In the second half of 2020, we started mining bitcoin as a pilot project to monetize the already paid-for yet underutilized electricity load at our River View mine.”
Marshall further disclosed that as of the end of the quarter, ARLP possessed 425 BTC on its balance sheet, which it values at $30 million.
After factoring in the net costs of property, plant, and equipment, the company recorded an increase of $7.3 million.
The positive news resulted in ARLP’s stock surging by 5% following the earnings call, during which the company also exceeded revenue estimates.
Nasdaq listed Alliance Resources $ARLP, a $2.8b coal mining company, is mining #bitcoin, and currently holds 425 $BTC on its balance sheet.
The company has additionally adopted the new FASB accounting standards for its holdings. pic.twitter.com/uZomhnuBPz
— Dylan LeClair
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