Business
LM Funding America, Inc. Reports Financial Results and Provides Business Update for the Second Quarter of 2024
Mined 44.1 Bitcoins in Q2 2024 Valued at Approximately $2.9 Million at an Average Market Revenue Value of Approximately $66,000 per Bitcoin Held 160.4 Bitcoin
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Mined 44.1 Bitcoins in Q2 2024 Valued at Approximately $2.9 Million at an Average Market Revenue Value of Approximately $66,000 per Bitcoin Held 160.4 Bitcoin at June 30, 2024, Valued at Approximately $10.0 Million Based on Bitcoin Price of $62,500 Reports Working Capital of Approximately $8.4 Million as of June 30, 2024 Conference Call to Be Held Today at 11:00 am ET TAMPA, Fla., Aug. 14, 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 business update and reported financial results for the three and six months ended June 30, 2024. Operational Highlights Bitcoin Mining: Mined 44.1 Bitcoins in Q2 2024, generating approximately $2.9 million in revenue at an average Bitcoin price of $65,600.Bitcoin Holdings: As of June 30, 2024, the Company held 160.4 Bitcoins valued at approximately $10.0 million.Revenue Impact: Total revenue for the second quarter of 2024 was approximately $3.0 million, a decrease of $184 thousand from the same period last year, primarily due to the anticipated effects of the April 2024 Bitcoin halving event.Net Loss: The net loss for the second quarter was $6.6 million compared to a net loss of $5.6 million for the comparable quarter in 2023. Bruce Rodgers, Chairman and CEO of LM Funding, remarked, \"The industry experienced a Bitcoin halving event in April, which resulted in a 50% reduction of the rewards that miners receive. Despite this transition, we successfully mined 44.1 Bitcoins valued at roughly $2.9 million. Fortunately, several unfavorable hosting contracts have now expired, and we are currently in the process of relocating our machines to cost effective mining sites including a potential 72 MW site in Texas that we have under LOI.\" Strategic Developments Hosting Facility Expansion: In collaboration with Arthur Mining Inc., LM Funding expanded a new 15 MW hosting facility near Oklahoma City, relocating about 3,000 Antminer S19j Pro machines. These machines are hosted at cost for ten months, significantly reducing operating expenses.Future Growth with Texas Site: A Letter of Intent to acquire a hosting site in Texas with 12 MW of power and potential expansion of 60 MW to further optimize mining operations.Expansion Funding: Completed a $5 million secured non-conver...