Coal company Alliance Resource Partners (ARLP), listed on Nasdaq, recently announced in their financial conference call that they have mined $30 million worth of Bitcoin (BTC) through idle power.
Traditional coal mining company also mines Bitcoin
According to CoinDesk, CFO Cary Marshall stated during the conference call, “We launched a Bitcoin mining pilot program in the second half of 2020 to monetize the underutilized power at our River View mine. As of Q1, the company holds 425 Bitcoins (approximately $30 million) on its balance sheet. After deducting net costs of land, plant, and equipment, the company has earned approximately $7.3 million.”
After the announcement of the financial report, ARLP’s stock price increased by 5%.
ARLP clarifies that they did not purchase Bitcoin
CFO Cary Marshall clarified that ARLP did not purchase Bitcoin or any similar crypto assets. They only utilized existing equipment for mining:
“We have some excess power that we can lease to other Bitcoin miners. We have actually built a data center and are mining Bitcoin using our low-cost energy.”
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