Alliance Resource Partners and Bitcoin Mining
Alliance Resource Partners, a $2.8 billion coal mining company listed on the Nasdaq under the ticker ARLP, reported that they have started mining Bitcoin and currently hold 425 BTC, worth about $30 million.
The company launched this Bitcoin mining project in the second half of 2020 at its River View Mine to utilize excess power capacity. This initiative has generated a net profit of $7.3 million from Bitcoin mining in the first quarter of 2024.
Management and Bitcoin strategy
Despite this endeavor, Joe Craft, the CEO, stressed that Alliance is not shifting its core focus to Bitcoin, but is taking a hands-on approach by selling necessary amounts of Bitcoin to cover expenses. The company also leases excess data center capacity to other Bitcoin miners to benefit from its low energy costs.
Alliance Resource Partners ranks 23rd among companies holding Bitcoin on their balance sheets.
The Bitcoin miner for your desk
