Alliance Resource Partners (ARLP) announced that it’s mining bitcoin and holding 425 BTC on its balance sheet.
yesterday, Alliance Resource Partners, a coal mining company worth $2.8 billion that trades under the ticker ARLP on the Nasdaq, reported that it’s mining bitcoin and currently holding 425 BTC on its balance sheet.
“In the second half of 2020, we started mining bitcoin as a pilot project to monetize already paid for yet underutilized electricity load at our River View mine,” said Cary Marshall, Senior Vice President and CFO of Alliance Resource Partners, on the call.The $30 million figure comes from valuing each of the 425 BTC the company holds at approximately $70,500, the price at which bitcoin was trading toward the end of Q1 2024.
Joe Craft, President and CEO of Alliance, pointed out on the call that the company isn’t necessarily pivoting to a bitcoin-centric strategy but, instead, approaching its bitcoin mining operation with a high degree of practicality.“We do have some extra capacity that we're renting out to other Bitcoin miners within the data center that we've effectively built for this Bitcoin mining to take advantage of the low energy costs we have,” he added.
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