Traditional coal mining company also mines Bitcoin, ARLP mines nearly $30 million worth of BTC
The coal company Alliance Resource Partners ARLP, listed on Nasdaq, announced during a recent earnings call that they have mined $30 million worth of Bitcoin (BTC) using excess power.
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Traditional Coal Mining Company Ventures into Bitcoin Mining
According to a report by CoinDesk, CFO Cary Marshall stated during a conference call:
We launched a Bitcoin mining pilot program in the second half of 2020 to monetize excess paid but underutilized power at our River View mine. As of Q1, the company's balance sheet holds 425 bitcoins, nearly $30 million. After deducting net costs of royalties, plant, and equipment, the company made about $7.3 million in profit.
Following the earnings announcement, ARLP's stock price rose by 5%.
ARLP Clarifies No Bitcoin Purchase
CFO Cary Marshall clarified that ARLP did not buy Bitcoin or any similar cryptocurrency assets, but rather engaged in mining using existing equipment:
We have excess power that we can lease to other Bitcoin miners. We actually built a data center and are mining Bitcoin using our low-cost energy.
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