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
645
2 min
0
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.
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.
Ordinals developer presents a protocol to increase decentralization in mining
Casey Rodarmore pointed out that many pools have a single approach to prioritizing transactions
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.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 403
BTC
+5.2%
-
Ethereum
$3 379.33
ETH
+11.11%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.22
XRP
+12.61%
-
Dogecoin
$0.386187
DOGE
+4.02%
-
Cardano
$0.805411
ADA
+1.6%
-
Bitcoin Cash
$484.54
BCH
+11.09%
-
Polkadot
$5.88
DOT
+4.49%
-
Stellar XLM
$0.256673
XLM
+3.85%
-
Litecoin
$89.71
LTC
+7.6%