💥💥💥 Bitcoin mass adoption: Coal Miner Alliance Resource Dabbles In Crypto Mining, Mines 425 BTC 🚀🚀🚀

In a strategic move, NASDAQ-listed coal giant Alliance Resource Partners (ARLP) has delved into the realm of cryptocurrency mining, particularly Bitcoin (BTC). Leveraging excess power generated at its facilities, ARLP has successfully mined 425 BTC, equivalent to $30 million in value.

During an earnings call, Cary Marshall, the firm’s chief financial officer, disclosed the company's venture into Bitcoin mining, describing it as a pilot project initiated in the latter half of 2020. Marshall emphasized the utilization of already paid-for yet underutilized electricity at the River View mine, resulting in a lucrative return.

Despite the significant profits generated, Marshall clarified that ARLP is solely focused on mining Bitcoin and has no intentions of investing in the cryptocurrency directly. Instead, the company is renting out surplus capacity to other Bitcoin miners, capitalizing on its low energy costs.

The earnings report showcased ARLP's impressive performance, surpassing revenue estimates and driving a 5% increase in stock value. However, in comparison to other entities holding Bitcoin on their balance sheets, ARLP's holdings remain relatively modest. Notable examples include MicroStrategy with $13.5 billion and Tesla with $615 million in Bitcoin holdings, as per data from BitcoinTreasuries.net.

source - coindesk