Alliance Resource Partners (ARLP), a leading coal mining company listed on the NASDAQ, has been utilizing excess power at its facilities to mine Bitcoin, resulting in $30 million worth of cryptocurrency. The company embarked on a pilot project in the latter half of 2020 to take advantage of already paid-for electricity. As of the end of the quarter, ARLP holds 425 BTC on its balance sheet, valued at $30 million. The positive news led to a 5% surge in ARLP’s stock following the earnings call, where the company exceeded revenue estimates. It’s important to note that ARLP focuses solely on mining Bitcoin using its existing equipment and does not engage in purchasing the cryptocurrency. The company rents out its excess capacity to other bitcoin miners within its purpose-built data center, benefiting from low energy costs. Compared to other entities, ARLP’s bitcoin holdings are relatively modest. BitcoinTreasuries.net reveals that MicroStrategy leads the pack with holdings worth $13.5 billion, while Tesla holds approximately $615 million in Bitcoin.
