Coal Mining Giant Enters Bitcoin Mining
Sector*: Alliance Resource Partners, a NASDAQ-listed coal mining company, has announced its entry into Bitcoin mining, investing $30 million.
- *Pilot Project*: In 2020, the company started a pilot project at its River View mine to utilize excess electrical load for Bitcoin mining.
- *Efficient and Diversified*: This move has proven efficient and diversified the company's revenue streams.
- *Holding 425 BTC*: The company currently holds 425 BTC worth $30 million on its balance sheet and reported a net gain of $7.3 million.
- *Clarification*: Alliance Resource Partners clarified that it hasn't invested in Bitcoin but rather utilized its existing equipment for cryptocurrency mining.
- *Data Center*: The company has built an efficient data center for Bitcoin mining, leveraging low energy costs and renting out extra capacity to other miners.
- *Significance*: Although its BTC holdings seem small compared to industry giants, its entry marks an important milestone, showcasing adaptability and willingness to explore unconventional growth avenues.
