American public energy company Alliance Resource, known for its coal mining operations, has disclosed in its financial report that it holds 425 BTC. This was reported by CoinDesk.
The company does not purchase the leading cryptocurrency but mines it using its own equipment and surplus generated energy. The coal giant, with a market capitalization of $2.8 billion, began mining in 2020 as a pilot project.
“We have some additional capacity that we lease to other bitcoin miners in the data center to take advantage of our low electricity costs,” stated Alliance Resource CFO Cary Marshall.
At the end of the first quarter, the company valued its bitcoin holdings at $30 million. After accounting for net property costs, this valuation increased by $7.3 million.
Alliance Resource’s total revenue for the quarter amounted to $651.7 million. Following the report, ARLP shares rose by 5%.
For details on mining companies’ performance in March, read ForkLog’s special digest.