LM Funding America, Inc. Expands Contract with Core Scientific to Host Additional 900 Bitcoin Mining Machines

Rhea-AI Summary

LM Funding America has announced an expansion of its contract with Core Scientific to host an additional 900 bitcoin mining machines, expected to be operational by the end of April 2023. This deal increases the total number of machines hosted by Core to approximately 3,900, contributing to a combined mining capacity of approximately 470 petahash for the company.

Chairman and CEO Bruce M. Rodgers expressed satisfaction with the agreement, emphasizing the growth of their mining operations since starting in September 2022. The newly installed machines will enhance LM Funding's capacity to effectively participate in the cryptocurrency mining sector.

Additional Mining Machines Expected to be Electrified and Mining by the End of April 2023

TAMPA, Fla., April 12, 2023 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a cryptocurrency mining and technology-based specialty finance company, today announced that the Company has expanded its contracts with Core Scientific ("Core") under which Core will host an additional 900 of its bitcoin mining machines for the Company, all of which are expected to be electrified and mining by the end of April 2023.

Bruce M. Rodgers, Chairman, and CEO of LM Funding commented, "We are happy that we have reached an agreement to expand our business relationship with Core to host an additional 900 bitcoin mining machines, bringing the total number of machines hosted by Core to approximately 3,900. We expect to have these additional machines fully electrified and operational by the end of April, providing LM Funding with a total mining capacity of approximately 400 petahash from the machines hosted by Core. The addition of these machines brings the total number of mining machines electrified, and mining for the Company, to approximately 4,600, providing LM Funding with a total mining capacity of approximately 470 petahash."

About LM Funding America

LM 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 Statements

This 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 www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the COVID-19 pandemic, the risks of entering into and operating in the cryptocurrency mining business, the capacity of our bitcoin mining machines and our related ability to purchase power at reasonable prices, and the ability to finance our planned cryptocurrency mining operations.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: LMFA@crescendo-ir.com

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SOURCE LM Funding America

FAQ

What is the significance of LM Funding America's contract expansion with Core Scientific?

LM Funding America has expanded its contract with Core Scientific to host an additional 900 bitcoin mining machines, enhancing its total operational capacity significantly.

When are the additional bitcoin mining machines expected to be operational?

The additional 900 bitcoin mining machines are expected to be fully electrified and operational by the end of April 2023.

What is the total capacity of bitcoin mining machines for LM Funding America after this expansion?

Following this expansion, LM Funding America will have a total mining capacity of approximately 470 petahash.

How many total bitcoin mining machines will LM Funding have after the latest agreement?

After the latest agreement, LM Funding America will have approximately 4,600 bitcoin mining machines in total.

When did LM Funding America begin its bitcoin mining operations?

LM Funding America commenced its bitcoin mining operations in September 2022.