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 using excess electricity from its facilities, worth approximately $30 million.
Cary Marshall, Alliance’s Chief Financial Officer, stated during the earnings conference call that at the end of the quarter, the company had 425 bitcoins on its balance sheet, valued at $30 million, and that their value increased by $7.3 million after considering the net cost in the real estate, plant, and equipment category.
Following the release of the earnings report, Alliance’s stock price rose by 5%, and the company’s revenue exceeded market expectations. Marshall stated that the company did not “purchase bitcoins or any such assets”, but simply mined bitcoins using existing equipment.
Marshall also mentioned: