- Alliance Resources says it has mined 425 BTC with excess power at its facilityThe company is the latest publicly listed entity to have bitcoin on its balance sheet
During an earnings call in the latter part of 2020, Cary Marshall, our CFO, announced that we initiated bitcoin mining as a trial initiative. This was done to generate revenue from the excess electricity capacity we had already invested in at our River View mining site, which wasn’t being fully utilized.
At the close of the last quarter, Marshall reported that the company owned approximately 425 bitcoins, appraised at a value of around $30 million. After accounting for the expenses related to property, plant, and equipment, the company had gained a profit of about $7.3 million.
ARLP was up 5% after the earnings, which also saw the company beat revenue estimates.
Marshall stated that the business doesn’t plan on purchasing bitcoin or similar assets, but instead uses the existing equipment solely for mining the cryptocurrency.
“He added that our data center has surplus mining capabilities, which we’re leasing to other Bitcoin miners to make use of the affordable energy rates we enjoy.”
As a researcher examining the larger context, I’ve discovered that ARLP’s bitcoin holdings on their balance sheet are relatively insignificant compared to other major players in this domain. According to data from BitcoinTreasuries.net, MicroStrategy holds the largest bitcoin reserves with an impressive value of $13.5 billion. Tesla is another significant player with a smaller yet notable amount of $615 million.
Bitcoin is currently trading above $63,000, up 1.3%, according to CoinDesk Indices data.
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2024-04-30 10:14