Business
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended June 30, 2024
Total Bitcoin holdings were approximately 160.5 BTC as of June 30, 2024, or approximately $10.2 million based on an estimated July 15, 2024, BTC price of
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Total Bitcoin holdings were approximately 160.5 BTC as of June 30, 2024, or approximately $10.2 million based on an estimated July 15, 2024, BTC price of $63,750\nTAMPA, FL, July 16, 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 June 30, 2024. Metrics * One Month January 31, 2024 One Month February 29, 2024 One Month March 31, 2024 One Month April 30, 2024 One Month May 31, 2024 One Month June 30, 2024 Six Months June 30, 2024 Bitcoin Beginning Balance 95.1 126.8 153.6 163.4 155.1 163.1 95.1 Bitcoin Mined, net 31.7 26.8 27.9 24.7 14.0 5.4 130.5 Bitcoin Sold - - (18.0) (33.0) (6.0) (8.0) (65.0) Service Fee - - (0.1) - - - (0.1) Bitcoin Holdings 126.8 153.6 163.4 155.1 163.1 160.5 160.5 Approximate Miners Deployed at Month End 5,950 5,940 5,940 5,880 5,510 1,878 Approximate Miners In-Transit at Month End 370 4,002 Approximate Potential Hash Rate at Month End (PH/s) 615 614 614 639 639 639 *Unaudited Effective July 12, 2024, approximately 2,900 mining machines (“Miners”) were installed and deployed at a site in Oklahoma owned and operated by Arthur Mining under our previously announced strategic collaboration with Arthur Mining, while an additional 1,000 Miners that were active at June month-end were moved in July from a different Oklahoma site to a warehouse for redeployment. Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, \"Our mining operations for June 2024 reflect the timely ending of several unfavorable hosting contracts as of May 31, 2024, which allows us to reposition our Miners to lower cost sites. We were able to redeploy and energize approximately 3,000 Miners to the Arthur Oklahoma hosting site in July 2024 and currently anticipate that the remaining Miners will be redeployed to other lower-cost hosting sites over approximately the next four months. In addition, we have entered into a non-binding term sheet with a potential lender regarding a secured non-convertible loan facility of up to $5.0 million that would be used to acquire additional Miners, and if such loan is consummated, it would have a maturity date of 2 years from the closing of the loan.” The Company estimates that the value of its 160.5 Bitcoi...