The report highlighted that Alliance Resource generated approximately $160 million in operating income during the first quarter, with around $40 million coming from their new venture in cryptocurrency mining. This marked a significant step for the company.
“Towards the end of 2020, we embarked on a pilot project to mine Bitcoin in order to make the most of our existing but underutilized electrical infrastructure at our River View Coal Mine. By the end of the first quarter of 2024, we proudly held 425 bitcoins on our balance sheet. After accounting for the net costs of our fixed assets, the mining segment contributed approximately $37.3 million to our overall revenue,” stated a representative of Alliance Resource.
Alliance Resource’s management also clarified that in order to mine Bitcoins, the company successfully established its own data center. This facility not only enables them to mine BTC but also provides additional capacity through rental services to other miners, further diversifying their revenue streams.
In related news, Block, a prominent player in the cryptocurrency mining industry, recently announced the completion of their new mining chip, utilizing the advanced 3 Nm process technology specifically for Bitcoin mining. Company representatives emphasized that Block intends to offer both the chips themselves and complete mining devices for sale, potentially opening up new opportunities for interested parties.