Coal company Alliance Resource Partners mined $30 million worth of BTC

After the publication of the financial report, the company’s shares added 5%

30.04.2024 - 12:35

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What’s new? Nasdaq-listed coal mining company Alliance Resource Partners (ARLP) has reported $30 million worth of bitcoin mining using excess capacity at its facilities in a new financial results report. The company says it has launched a pilot project to mine the first cryptocurrency in the second half of 2020.

Material by CoinDesk

What else is known? The project was initially launched to monetize already paid excess power for the River View mine. According to CFO Cary Marshall, Alliance Resource Partners does not buy cryptocurrency and only mines it with existing equipment.

He also added that the company has additional capacity that is leased to other miners within a purpose-built data center in order to take advantage of low electricity costs.

At the end of the first quarter of this year, the company had 425 bitcoins stored on its balance sheet. ARLP’s shares rose more than 5% on a daily basis after the report was published.

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Compared to other public companies, the amount of bitcoins on the balance sheet of Alliance Resource Partners is small. For example, analytics software developer MicroStrategy (MSTR) owns $13,5 billion worth of coins, electric car maker Tesla holds bitcoins worth $594 million, according to BitcoinTreasuries.

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