Alliance Resource Partners (ARLP), one of the largest coal mining companies in the US with facilities in several states, announced that it held 425 BTC as of the first quarter of 2024.

Speaking at the company’s quarterly balance sheet meeting, Cary Marshall, one of the executives, said that since 2020, they have been mining Bitcoin with the extra electrical energy released, and that after the purchase of equipment and installation of the facility, the value of Bitcoin mined has increased by $7 million.

The executive also stated that although they mine Bitcoin, they do not buy Bitcoin as a company.

Although the number of Bitcoins held by the coal firm is small compared to companies such as MicroStrategy and Tesla, the total value is currently around $30 million.