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LM Funding America reported a significant 105% year-over-year revenue growth to $4.7 million for Q1 2024. The company mined 86.4 Bitcoins valued at $4.6 million with an average price of $53,000 per Bitcoin. They held 163.4 Bitcoins valued at $11.7 million as of March 31, 2024. The net income for Q1 2024 was $1.9 million, a recovery from a $7.2 million loss in the prior year. The company has operating expenses of $4.2 million and a total stockholder equity of $38.5 million. LM Funding plans to enhance its mining capability with new equipment and anticipates positive market conditions post-2024 Bitcoin halving.
LM Funding America, Inc. has scheduled a conference call to discuss their financial results for the first quarter of 2024 and provide a business update. The call will take place on May 16, 2024, at 11:00 a.m. Eastern Time. Investors can join via telephone or webcast. This announcement comes as LM Funding continues its operations in cryptocurrency mining and technology-based specialty finance.
LM Funding America, Inc. provided a monthly operational and Bitcoin mining update for April 2024, reporting a total of approximately 155.1 BTC held as of April 30, 2024, valued at around $9.7 million based on an estimated BTC price of $62,500. The company highlighted the deployment of new mining machines, resulting in an increased hashing power of 639 Ph/s.
LM Funding America, Inc. announced the appointment of Marty Traber to its Board of Directors, replacing Todd Zhang. Traber brings over 40 years of experience in securities law and corporate finance. He has a strong background in the technology industry and has served on various boards of directors, including a New York Stock Exchange-listed company. The CEO expressed appreciation for Zhang's contributions to the Bitcoin mining operations.