Business
LM Funding America, Inc. estimates that the 135.7 Bitcoin holdings on August 31, 2024, were valued at approximately $8.7 million in their monthly updates
TAMPA, Fla., Sept. 25, 2024 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and
About this update from Lm Funding America, Inc.
[{"type":"text","content":"TAMPA, Fla., Sept. 25, 2024 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today provided a preliminary, unaudited Bitcoin mining and operational update for the month ended August 31, 2024. Metrics * Three Months 1st Qtr. 2024 One Month April 30, 2024 One Month May 31, 2024 One Month June 30, 2024 One Month July 31, 2024 One Month August 31, 2024 Eight Months Ended August 31, 2024Bitcoin Beginning Balance95.1 163.4 155.1 163.1 160.5 132.5 95.1 Bitcoin Mined, net86.4 24.7 14.0 5.4 4.6 7.2 142.3 Bitcoin Sold(18.0)(33.0)(6.0)(8.0)(32.5)(4.0)(101.5)Service Fee(0.1)- - - (0.1)- (0.2)Bitcoin Holdings at Month End163.4 155.1 163.1 160.5 132.5 135.7 135.7 Approximate Miners Deployed at Month End5,940 5,880 5,510 1,878 3,800 3,700 Approximate Miners In-Transit at Month End 370 4,002 2,080 2,200 Approximate Potential Hash Rate at Month End (PH/s)614 639 639 639 639 639 *Unaudited The Company estimates that the value of its 135.7 Bitcoin holdings on August 31, 2024, was approximately $8.7 million, based on an estimated September 24, 2024, BTC price of $64,250. Bruce Rodgers, Chairman and CEO of LM Funding, commented, \"We continue to make significant progress on our key initiatives, including the expansion of our new 15 MW hosting facility near Oklahoma City, where we relocated approximately 3,000 Antminer S19j Pro machines. Hosting these machines at cost for the next six months will enable us to significantly reduce our operating expenses.” “We are also investing the proceeds from our recent private placement, alongside the $5 million secured non-convertible loan facility, into high-return projects. These strategic investments are expected to be accretive, while accelerating our growth and driving meaningful returns on capital for our shareholders,” concluded Rodgers. About LM Funding AmericaLM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certai...