Alliance Resource Partners (ARLP), a Tulsa-headquartered coal miner, revealed in its first quarter 2024 earnings call that it has turned to Bitcoin (BTC) mining in the past three years and now holds a sizeable amount of the world's first decentralized cryptocurrency.
"In the second half of 2020, we started mining Bitcoin as a pilot project to monetize already paid for yet underutilized electricity load at our River View mine. Since then, we have mined and now own Bitcoin valued at approximately $30 million at the end of the 2024 quarter," said Cary Marshall, ARLP's senior vice president, as per a transcript of the call. He went on to reveal that the project came about "due to the fact that we've got excess power at our mining operations," and Bitcoin mining became an "opportunity." He reiterated that while the company holds 425 BTC, it doesn't buy Bitcoin.
