Business
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended May 31, 2024
Total Bitcoin holdings were approximately 163.1 BTC as of May 31, 2024, or approximately $11.4 million based on an estimated June 7, 2024, BTC price of
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Total Bitcoin holdings were approximately 163.1 BTC as of May 31, 2024, or approximately $11.4 million based on an estimated June 7, 2024, BTC price of $70,000\nTAMPA, FL, June 10, 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 May 31, 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 Five Months May 31, 2024 Bitcoin Beginning Balance 95.1 126.8 153.6 163.4 155.1 95.1 Bitcoin Mined, net 31.7 26.8 27.9 24.7 14.0 125.1 Bitcoin Sold - - (18.0) (33.0) (6.0) (57.0) Service Fee - - (0.1) - - (0.1) Bitcoin Holdings 126.8 153.6 163.4 155.1 163.1 163.1 Approximate Miners Deployed at Month End 5,950 5,940 5,940 5,880 5,880+ Approximate Deployed Hash Rate at Month End (PH/s) 615 614 614 639 639 *Unaudited+ approximately 370 machines are in transit to new hosting site Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, \"Our mining operations continue to deliver solid results. Moreover, the recently announced hosting agreement with Arthur Mining for our S19J Pros allows us to continue mining these older machines and provides us cost effective hosting capacity to scale our growth. We are leveraging our capital to obtain some of the benefits of infrastructure investment. We are eager to utilize Arthur Mining's extensive hosting expertise and infrastructure to drive even faster growth.\" The Company estimates the value of its 163.1 Bitcoin holdings on May 31, 2024, was approximately $11.4 million, based on an estimated June 7, 2024, BTC price of $70,000. 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 Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessm...