According to a report by CoinDesk, Alliance Resource Partners (ARLP), a US coal mining company listed on the Nasdaq Stock Exchange, announced during its earnings conference call that it has mined 425 bitcoins (BTC) worth approximately $30 million using excess electricity from its facilities.
Cary Marshall, CFO of Alliance, stated during the earnings conference call:
Marshall mentioned that at the end of the quarter, the company’s balance sheet showed 425 bitcoins valued at $30 million. After accounting for net costs in the real estate, plant, and equipment category, the value increased by $7.3 million.
Following the release of the earnings report, Alliance’s stock price rose by 5%, and the company’s revenue exceeded market expectations. Marshall clarified that the company did not “purchase bitcoins or any assets of this kind,” but rather utilized existing equipment for bitcoin mining.
Marshall also added:
