The a Q1 earnings call Alliance Resource Partners’, an $2.8-billion coal mining firm that is traded under the ticker “ARLP” on Nasdaq reported yesterday that the company was mining Bitcoin and that 425 BTC were currently on its balance.
Alliance Resources listed on Nasdaq $ARLPA $2.8bn coal mining company – is currently mining #bitcoinThere are currently 425 members of the. $BTC Balance sheet
The company also adopted new FASB standards in accounting for its assets. pic.twitter.com/uZomhnuBPz
— Dylan LeClair 🟠(@DylanLeClair_) April 30, 2024
“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,” Cary Marshall Senior Vice president and CFO at Alliance Resource Partners was on the telephone.
“Since then we have mined and now own bitcoin valued at approximately $30 million,” He also added.
This $30 million number is based on valuing the 425 BTC that the company owns at $70,500. That was the value of bitcoin at the end of first quarter 2024. Alliance saw $7.3M in net profits from Bitcoin Mining in Q1 after accounting for Alliance’s mining costs.
Bitcoin Alliance is ranked 23rd in the world for its amount. list of companies Bitcoin is held by some companies on their balance sheets.
Joe Craft, the President and CEO at Alliance, stated on a conference call that his company was not necessarily pivoting towards a Bitcoin-centric strategy, but instead approached its bitcoin mining operations with an extreme degree of practicality.
“We are selling what we need to cover our expenses, so our exposure is limited,” Crafty is the word that comes to mind.
“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 also added.
To learn more about Alliance Resource Partners visit their website. website.
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Source: bitcoinmagazine.com
