in First quarter financial results announcement Yesterday, Alliance Resource Partners, a $2.8 billion coal mining company that trades on the Nasdaq under the ticker ARLP, reported that it mines Bitcoin and currently has 425 BTC on its balance sheet.
Alliance Resources Listed on Nasdaq $ARLPthe $2.8 billion coal mining company is mining #bitcoincurrently holds 425 $BTC It’s on the balance sheet.
The company also adopted new FASB accounting standards for its stock holdings. pic.twitter.com/uZomhnuBPz
— Dylan LeClair 🟠 (@DylanLeClair_) April 30, 2024
“During the second half of 2020, we have already made payments at the Riverview mine that are underutilized,” Cary Marshall, senior vice president and chief financial officer of Alliance Resource Partners, said on a conference call. We started mining Bitcoin as a pilot project to monetize electricity loads.”
“Since then, we have mined and currently own approximately $30 million worth of Bitcoin,” he added.
The $30 million figure comes from valuing each of the 425 BTC held by the company at approximately $70,500, the price at which Bitcoin was trading at the end of the first quarter of 2024. Taking into account Alliance’s Bitcoin mining costs, the company’s net profit was $7.3 million. From Bitcoin mining in the first quarter.
Bitcoin Alliance’s holdings rank 23rd in the world. Company list Companies that hold Bitcoin on their balance sheets.
Alliance President and CEO Joe Kraft said on a conference call that the company is not necessarily pivoting to a Bitcoin-centric strategy, but instead is focusing on a highly pragmatic strategy. He pointed out that he is working on a Bitcoin mining business.
“We sell what we need to cover our expenses, so our exposure is limited,” Kraft said.
“We are renting out additional capacity to other Bitcoin miners in data centers that we have effectively built for this Bitcoin mining to take advantage of lower energy costs,” he added. Ta.
For more information about Alliance Resource Partners, please visit their website. Website.
