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Alliance Resource Partners, a notable player in the coal mining sector with a market valuation of $2.8 billion, has leveraged its existing infrastructure to embark on a lucrative bitcoin mining venture, currently holding 425 BTC worth approximately $30 million. This move, initially a pilot project at their River View mine to utilize underused electricity, has now netted the company a significant profit of $7.3 million in the first quarter of 2024 alone. Cary Marshall, the company’s CFO, highlighted the strategic use of resources that allowed them to generate substantial value from their bitcoin operations without pivoting entirely from their core business.
Despite not shifting to a bitcoin-centric model, Alliance has smartly capitalized on its position by renting out extra capacity to other bitcoin miners, thus further reducing their operational costs and enhancing profitability. With the current holdings, Alliance stands 23rd among companies with bitcoin on their balance sheets. President and CEO Joe Craft emphasized the practical approach of their strategy, focusing on covering expenses and minimizing exposure while still maximizing the financial opportunities presented by the low energy costs and the robust bitcoin market.
