Expert fears resurgence of ‘environmental narrative’ as US coal miner generates $30 million by mining Bitcoin

Alliance
Resource
Partners
(ARLP),
a
US-based
coal
mining
company,
said
it
has
successfully
mined
425

Bitcoin

worth
$30
million
by
harnessing
excess
energy
from
its
facilities,
according
to
its
first-quarter
earnings
call.

However,
crypto
environmentalist
Daniel
Batten
argues
that
the
firm’s
pivot
to
BTC
mining
could
harm
the
“environmental
narrative”
around
the
flagship
digital
asset.
He

said
:

“Bitcoin
mining
companies
have
moved
off
using
coal.
But
I
guess
you
can’t
stop
coal
mining
companies
mining
Bitcoin.
Either
way,
in
terms
of
changing
the
environmental
narrative
around
bitcoin,
this
doesn’t
help.”

Over
the
past
years,
BTC
mining
companies
have
increasingly
relied
on

green
energy
sources
,
with

over
50%
of
their
energy
sources

powered
by
renewable
sources.

ARLP’s
entry
into
the
BTC
mining
scene
could
prompt
critics
to
renew
their
concerns
about
the
environmental

hazards
associated
with
the
sector
.

ARLP
Bitcoin
mining

ARLP
CFO
Cary
Marshall
explained
that
the
company
initiated
its
Bitcoin
mining
endeavor
through
a
pilot
project
that
began
in
2020
by
utilizing
the
surplus
power
generated
from
its
mining
operations
at
the
River
View
mine.
He

said
:

“If
you
look
at
the
end
of
the
quarter,
we
ended
up
with
about
425
Bitcoin
at
quarter-end
in
terms
of
what
we
own.
We’re
not
actually
out
there
buying
Bitcoin
or
anything
of
that
nature.
We’re
mining
the
Bitcoin
associated
with
these
miners
that
we
have.”

Marshall
further
revealed
that
the
firm
has
maintained
its
financial
stability
by
periodically
liquidating
a
portion
of
its
Bitcoin
holdings
to
cover
operational
expenses.
He
added
that
the
company
mined
around
69
BTC
during
the
first
quarter
of
this
year,
of
which
25%
were
sold
to
meet
overheads.

Meanwhile,
ARLP
CEO
Joe
Craft
said
the
company
is
taking
a
cautious
approach
to
BTC
mining by
ensuring
its
exposure
to
Bitcoin
remains
limited
by
selling
acquired
assets
to
offset
costs.
Additionally,
ARLP
optimizes
its
surplus
capacity
by
leasing
it
to
other
Bitcoin
miners,
leveraging
its
data
center
infrastructure
to
capitalize
on
low
energy
expenses.

Nevertheless,
the
coal
miner
hopes
it
will
be
able
to
mine
as
much
as
190
BTC
by
the
end
of
the
year.
Marshall
stated:

“I
think
when
we
look
at
the
full
year
in
total,
our
projections
would
show
somewhere
between
175
to
190
or
so
Bitcoin
for
the
year
in
total
that
we
would
mine.
Now,
we
would
monetize
some
of
that
to
cover
our
operating
expenses.
So,
our
net
would
probably
be,
I
don’t
know,
maybe
around
60%
of
that
number
or
so
ultimately
at
the
end
of
the
day.”

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