Business
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended January 31, 2024
Total Bitcoin holdings increase to approximately 126.8 BTC, or approximately $5.4 million based on an estimated January 31, 2024, BTC price of $42,500 TAMPA,
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Total Bitcoin holdings increase to approximately 126.8 BTC, or approximately $5.4 million based on an estimated January 31, 2024, BTC price of $42,500\nTAMPA, FL, Feb. 15, 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 update for the month ended January 31, 2024. Metrics *One Month January 31, 2024Bitcoin Beginning Balance95.1Bitcoin Mined, net31.7Bitcoin Sold- Bitcoin Holdings126.8 Approximate Miners Deployed at Quarter End5,950Approximate Deployed Hash Rate at Quarter End (PH/s)615 *Unaudited Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, \"Our Bitcoin mining operations continue to grow steadily, and in January the Company mined 31.7 Bitcoin, all of which we chose to hold rather than sell due to the strength of our balance sheet. We are committed to an infrastructure-light strategy in our mining operations, focusing on acquiring assets closely linked to the price of Bitcoin. Recently, we invested in 300 Bitmain S21 Antminer mining machines, the most advanced Bitcoin mining equipment available, anticipating that their value will increase alongside the anticipated appreciation in the price of Bitcoin following a halving event. Historically, the price of Bitcoin has reached record highs within six months following a halving event, and the next event is anticipated to occur towards the end of April or in early May of this year.” The Company estimates the value of its 126.8 Bitcoin holdings was approximately $5.4 million as of January 31, 2024, based on an estimated January 31, 2024, BTC price of $42,500. Based upon the price of Bitcoin as of February 14, 2024 (approximately $51,750), the total value of our 126.8 Bitcoin holdings would be worth approximately $6.6 million. 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 certain portion of the Ass...