on First quarter earnings call Yesterday, Alliance Resource Partners, a $2.8 billion coal mining company that trades under the ticker ARLP on the Nasdaq, reported that it is mining Bitcoin and currently has 425 Bitcoin on its balance sheet.
Nasdaq listed Alliance Resources $ARLPa $2.8 billion coal mining company, mines #Bitcoinand currently holds 425 $ Bitcoin on its balance sheet.
In addition, the Company has adopted new Financial Accounting Standards Board (FASB) accounting standards for its properties. pic.twitter.com/uZomhnuBPz
– Dylan LeClair 🟠 (@DylanLeClair_) April 30, 2024
“In the second half of 2020, we began mining Bitcoin as a pilot project to monetize the already paid but underutilized electricity load at our River View mine,” Cary Marshall, senior vice president and CFO of Alliance Resource Partners, said during the call.
“Since then, we have mined Bitcoin and now own about $30 million worth,” he added.
The $30 million figure comes from valuing each of the 425 BTC held by the company at about $70,500, which is the price at which Bitcoin was trading at the end of the first quarter of 2024. After taking into account Alliance's Bitcoin mining expenses, the company saw a net profit of $7.3 million. of Bitcoin mining in the first quarter.
The volume Bitcoin Alliance holds ranks 23rd on List of companies Which holds Bitcoin on its balance sheet.
Joe Kraft, Alliance's president and CEO, noted on the call that the company is not necessarily focused on a bitcoin-centric strategy, but is instead approaching the bitcoin mining process with a high degree of practicality.
“We sell what we need to make ends meet, so our exposure is limited,” Kraft said.
“We have some additional capacity that we lease to other Bitcoin miners within the data center that we built to effectively mine this Bitcoin to take advantage of our lower energy costs,” he added.
For more information about Alliance Resource Partners, visit the company's website website.
