Coal mining company Alliance Resource Partners (ARLP) has been mining Bitcoin using excess electricity since 2020, and has mined $30 million worth of the cryptocurrency to date. The company’s CFO, Cary Marshall, revealed during an earnings call that ARLP embarked on a pilot project in the second half of 2020 to take advantage of its already paid-for electricity. As of the end of the quarter, ARLP held 425 BTC on its balance sheet, valued at $30 million. This positive news resulted in a 5% surge in the company’s stock. It is important to note that ARLP does not purchase Bitcoin, but focuses solely on mining it using its existing equipment. The company rents out its excess capacity to other bitcoin miners within its purpose-built data center, benefiting from low energy costs.
