NASDAQ-listed coal miner Alliance Resource Partners (ARLP) announced that it has mined $30 million worth of Bitcoin (BTC) using excess energy produced at its facilities.
“We launched a pilot project for Bitcoin mining in the second half of 2020, taking advantage of pre-paid but not fully used electricity capacity at the River View mine,” Cary Marshall, the company's Chief Financial Officer, said in his statement.
Marshall stated that at the end of the quarter, the company had 425 Bitcoins worth $30 million on its balance sheet, resulting in an increase of $7.3 million after accounting for the net costs of property, facilities and equipment.
ARLP shares gained 5% as the company beat revenue estimates.
Marshall stated that "they did not buy Bitcoin or any similar asset, they just mined Bitcoin with the equipment they had."
“We also lease our excess capacity in the data center we have effectively built, taking advantage of low energy costs, to other Bitcoin miners,” he added.
Overall, the amount of Bitcoin on ARLP's balance sheet is relatively low. According to data compiled by BitcoinTreasuries.net, MicroStrategy appears to be the largest holder of Bitcoin with $13.5 billion. Other notable entries include Tesla with $615 million in Bitcoin.
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