Alliance Resource Partners, a big coal mining company listed on NASDAQ, recently made a surprising move by putting $30 million into Bitcoin mining. During the company's latest financial call, CFO Cary Marshall announced this unexpected venture.

In the latter part of 2020, Alliance Resource Partners began Bitcoin mining as a test at their River View mine to make money from unused power they had already paid for. This clever strategy not only made the best use of their resources but also broadened their sources of income.

Initially met with doubts, Alliance Resource Partners' jump into Bitcoin mining turned out to be effective. Marshall disclosed that the company currently possesses 425 BTC valued at $30 million on its financial records. Remarkably, despite considering the costs of property, plants, and equipment, Alliance Resource Partners revealed a $7.3 million net profit, indicating a promising step into the cryptocurrency market. After reporting strong quarterly profits, ARLP stocks rose over 2% during pre-market trading.

To prevent any confusion, Alliance Resource Partners clarified that they did not directly invest in Bitcoin but employed their existing equipment for cryptocurrency mining. Marshall stated that they established a productive data center for Bitcoin mining, using their inexpensive energy costs and renting out any extra capacity to other Bitcoin miners. This showcases the company's commitment to maximizing resources while taking advantage of the growing interest in Bitcoin mining.

While Alliance Resource Partners' Bitcoin holdings may appear modest compared to industry giants like MicroStrategy and Tesla, the company's entry into the cryptocurrency market is a significant milestone. With the current increase in Bitcoin's value, this move by Alliance Resource Partners signifies their adaptability and openness to exploring new avenues of growth.

Present data indicates that Bitcoin has risen by 1.3% in the last 24 hours and is valued above $63,000. However, there has been a 4.54% decrease in its value over the past week and a 9.49% decline over the last 30 days.