Business
LM Funding to Take Early Delivery of 300 S21 Bitmain Mining Machines in Advance of 2024 Bitcoin Halving Event
Expects machines to be located and mining by early April, increasing mining capacity to 673 PH TAMPA, FL, March 15, 2024 (GLOBE NEWSWIRE) -- LM Funding
About this update from Lm Funding America, Inc.
[{"type":"text","content":"Expects machines to be located and mining by early April, increasing mining capacity to 673 PH\nTAMPA, FL, March 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 announced that it will take early delivery of the previously announced purchase of 300 Bitmain S21 Antminer machines. The S21 is a high efficiency, high hash rate machine mining SHA-256 algorithm manufactured by Bitmain that generates a hash rate of 200 TH/s with a power consumption of 3,500 W. Bruce M. Rodgers, Chairman and CEO of LM Funding, commented, “We are pleased that we will be able to take delivery of the S21s earlier than originally expected, by the end of March. We plan to locate, energize, and commence mining with these new machines by early April, which will increase the Company’s mining capacity to 673 PH. The S21s will be leading producers through this year’s halving event and contribute to long-term revenue growth leading up to and beyond the subsequent halving event expected to occur in 2028.” 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 assessments. Forward-Looking StatementsThis press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at w...