Alliance Resource Partners mines 425 BTC using surplus power.
NASDAQ-listed coal mining company Alliance Resource Partners has successfully mined 425 bitcoins using excess power from its facilities. The initiative, which began as a pilot project in the second half of 2020 at the River View mine, aimed to utilize underused electricity. As of the latest financial quarter, these bitcoins are valued at $30 million on the company's balance sheet. Alliance Resource's CFO, Cary Marshall, highlighted during an earnings call that this venture has netted the company a profit of $7.3 million, after accounting for all related expenses.
The company, which saw its stock rise by 5% following the earnings announcement, has capitalized on low energy costs by not only mining bitcoin but also renting out extra capacity to other bitcoin miners. This move underscores a strategic pivot to integrate bitcoin mining into their energy-heavy operations without directly purchasing bitcoins. Comparatively, Alliance Resource's holdings are modest against major players like MicroStrategy, which boasts bitcoin assets worth $13.5 billion.
The initiative reflects a broader trend of energy companies leveraging their unique assets to enter the bitcoin mining sector, diversifying their revenue streams while optimizing energy use.
#BitcoinMining #EnergySector #FinancialMarkets
oxhak / Ox HaK
npub1sxe…z7z7
2024-04-30 09:35:48
Author Public Key
npub1sxexewvzysc3affq4yzzh7w8e3udyujap2vlj7t6lkdg5dvhp24q4dz7z7Published at
2024-04-30 09:35:48Event JSON
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"content": "Alliance Resource Partners mines 425 BTC using surplus power.\n\nNASDAQ-listed coal mining company Alliance Resource Partners has successfully mined 425 bitcoins using excess power from its facilities. The initiative, which began as a pilot project in the second half of 2020 at the River View mine, aimed to utilize underused electricity. As of the latest financial quarter, these bitcoins are valued at $30 million on the company's balance sheet. Alliance Resource's CFO, Cary Marshall, highlighted during an earnings call that this venture has netted the company a profit of $7.3 million, after accounting for all related expenses.\n\nThe company, which saw its stock rise by 5% following the earnings announcement, has capitalized on low energy costs by not only mining bitcoin but also renting out extra capacity to other bitcoin miners. This move underscores a strategic pivot to integrate bitcoin mining into their energy-heavy operations without directly purchasing bitcoins. Comparatively, Alliance Resource's holdings are modest against major players like MicroStrategy, which boasts bitcoin assets worth $13.5 billion.\n\nThe initiative reflects a broader trend of energy companies leveraging their unique assets to enter the bitcoin mining sector, diversifying their revenue streams while optimizing energy use.\n\n#BitcoinMining #EnergySector #FinancialMarkets",
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