Business
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended July 31, 2024; Announces LOI to Acquire a Mining Facility with 72 MW Potential
Total Bitcoin holdings were approximately 132.5 BTC as of July 31, 2024, or approximately $8.1 million based on an estimated August 10, 2024, BTC price of
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Total Bitcoin holdings were approximately 132.5 BTC as of July 31, 2024, or approximately $8.1 million based on an estimated August 10, 2024, BTC price of $61,000\nTAMPA, Fla., Aug. 12, 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 July 31, 2024. Metrics *One Month January 31, 2024One Month February 29, 2024One Month March 31, 2024One Month April 30, 2024One Month May 31, 2024One Month June 30, 2024One Month July 31, 2024Seven Months Ended July 31, 2024Bitcoin Beginning Balance95.1126.8153.6 163.4 155.1 163.1 160.5 95.1 Bitcoin Mined, net31.726.827.9 24.7 14.0 5.4 4.6 135.1 Bitcoin Sold--(18.0)(33.0)(6.0)(8.0)(32.5)(97.5)Service Fee--(0.1)- - - (0.1)(0.2)Bitcoin Holdings at Month End126.8153.6163.4 155.1 163.1 160.5 132.5 132.5 Approximate Miners Deployed at Month End5,9505,9405,940 5,880 5,510 1,878 3,800 Approximate Miners In-Transit at Month End 370 4,002 2,080 Approximate Potential Hash Rate at Month End (PH/s)615614614 639 639 639 639 *Unaudited The Company estimates that the value of its 132.5 Bitcoin holdings on July 31, 2024, was approximately $8.1 million, based on an estimated August 10, 2024, BTC price of $61,000. Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, “Our potential hashrate remains static at 639 petahash, while our decreased production reflects that we have 2,080 miners currently in transit to a new hosting location. The Company is pleased to announce a nonbinding Letter of Intent to acquire a mining site in Texas. This site offers 12 MW of initial power capacity with the potential for an additional 60 MW expansion.” Rodgers continued, “We believe that this acquisition, if completed, will provide us with a cost-effective location to energize all our existing machines. The mining site is currently generating 55 petahash of mining capacity using immersion mining techniques. Our primary goal with this acquisition is to invest capital to mine the full potential 72 megawatts.” To facilitate these expansion initiatives, LM Funding America, Inc. has secured a $5 million non-convertible loan, finalized on August 6, 2024.The proceeds from this facility will be dedicated to acquiring addit...