Alliance Resource Partners company has claimed to have mined 425 BTC using the excess electricity from its facilities.
During an earnings call, Alliance Resource Partners (ARLP), a coal industry company listed on NASDAQ, revealed that it has mined bitcoin worth approximately $30 million, utilizing excess electricity generated by its own facilities.
Cary Marshall, the company’s chief financial officer, stated:
“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 revealed that, at the end of the quarter, the company had accumulated 425 bitcoins on its balance sheet. After factoring in the net costs of property, plant, and equipment, ARLP recorded a gain of approximately $7.3 million.
Marshall reiterated that the company is not buying bitcoin but is only mining with the equipment it owns. He then stated that the company rents out some of its extra capacity to other miners within its purpose-built data center, taking advantage of the low energy costs it enjoys.
