Alliance Resource Mines & Holds 425 BTC, Worth $30 Million

Alliance Resource Partners has capitalized on excess electricity by mining 425 BTC, now valued at $30 million.
Alliance Resource Mines & Holds 425 BTC, Worth $30 Million
Image Source

Key Takeaways

  • Alliance Resource now holds 425 BTC.
  • Bitcoin holdings valued at $30 million as of Q1 2024.
  • Company balances Bitcoin mining with energy cost management.

Alliance Resource Partners, a coal mining company with a market cap of $2.8 billion, has expanded into Bitcoin mining.

Initiated in late 2020, this move utilizes unused electricity for Bitcoin mining.

Significant Bitcoin holdings

During the Q1 earnings call, Cary Marshall, CFO, announced that Alliance currently holds 425 BTC, which are valued at approximately $30 million.

These holdings are the result of our mining activities; we have not purchased any Bitcoin.

Profitable mining operations

Alliance has turned a notable profit from its Bitcoin operations, reporting a net gain of $7.3 million in the first quarter of 2024.

This success ranks Alliance 23rd globally among companies with Bitcoin on their balance sheets.

Calculated business strategy

Joe Craft, President and CEO, highlighted the company’s pragmatic approach to Bitcoin mining.

By selling just enough Bitcoin to cover operational expenses, Alliance mitigates financial risk associated with Bitcoin’s price volatility.

Moreover, the company optimizes its infrastructure by renting out spare capacity at their data center to other Bitcoin miners, capitalizing on low energy costs.

Bitbo Dashboard → / Original Article