LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended July 31, 2024; Announces LOI to Acquire a Mining Facility with 72 MW Potential
LM Funding America, Inc. (NASDAQ: LMFA) provided a Bitcoin mining update for July 31, 2024. The company held 132.5 BTC, valued at approximately $8.1 million. LMFA announced a Letter of Intent to acquire a mining site in Texas with 12 MW initial capacity and 60 MW expansion potential. The site currently generates 55 petahash using immersion mining. LMFA secured a $5 million non-convertible loan to acquire additional miners and infrastructure. The company aims to leverage its Bitcoin holdings to finance 72 MW of market-priced power for mining or grid resale. This acquisition provides a home for LMFA's existing fleet and introduces immersion mining advantages.
LM Funding America, Inc. (NASDAQ: LMFA) ha fornito un aggiornamento sull'estrazione di Bitcoin per il 31 luglio 2024. L'azienda detiene 132,5 BTC, valutati circa 8,1 milioni di dollari. LMFA ha annunciato una Lettera di Intenti per acquisire un sito di estrazione in Texas con una capacità iniziale di 12 MW e un potenziale di espansione di 60 MW. Il sito attualmente genera 55 petahash utilizzando l'estrazione per immersione. LMFA ha ottenuto un prestito non convertibile di 5 milioni di dollari per acquisire ulteriori miner e infrastrutture. L'obiettivo dell'azienda è sfruttare le sue partecipazioni in Bitcoin per finanziare 72 MW di energia a prezzo di mercato per l'estrazione o la rivendita alla rete. Questa acquisizione offre una sede per la flotta esistente di LMFA e introduce i vantaggi dell'estrazione per immersione.
LM Funding America, Inc. (NASDAQ: LMFA) proporcionó una actualización sobre la minería de Bitcoin para el 31 de julio de 2024. La empresa posee 132,5 BTC, valorados en aproximadamente 8,1 millones de dólares. LMFA anunció una Carta de Intención para adquirir un sitio de minería en Texas con una capacidad inicial de 12 MW y un potencial de expansión de 60 MW. El sitio actualmente genera 55 petahash utilizando minería por inmersión. LMFA aseguró un préstamo no convertible de 5 millones de dólares para adquirir mineros adicionales e infraestructura. La empresa tiene como objetivo aprovechar sus tenencias de Bitcoin para financiar 72 MW de energía a precio de mercado para minería o reventa a la red. Esta adquisición proporciona un hogar para la flota existente de LMFA e introduce las ventajas de la minería por inmersión.
LM Funding America, Inc. (NASDAQ: LMFA)는 2024년 7월 31일 비트코인 채굴 업데이트를 제공했습니다. 이 회사는 약 810만 달러에 해당하는 132.5 BTC를 보유하고 있습니다. LMFA는 초기 용량 12 MW와 60 MW의 확장 가능성을 가진 텍사스의 채굴 사이트를 인수하기 위한 양해각서를 발표했습니다. 이 사이트는 현재 침수 채굴을 사용하여 55 페타해시를 생성하고 있습니다. LMFA는 추가 채굴기 및 인프라를 확보하기 위해 500만 달러 비전환 대출을 확보했습니다. 이 회사는 비트코인 보유분을 활용하여 채굴 또는 그리드 재판매를 위해 시장 가격의 전력 72 MW를 재원으로 마련하는 것을 목표로 하고 있습니다. 이번 인수는 LMFA의 기존 플릿을 위한 거처를 제공하고 침수 채굴의 장점을 도입합니다.
LM Funding America, Inc. (NASDAQ: LMFA) a fourni une mise à jour sur le minage de Bitcoin au 31 juillet 2024. L'entreprise détient 132,5 BTC, évalués à environ 8,1 millions de dollars. LMFA a annoncé une lettre d'intention pour acquérir un site de minage au Texas avec une capacité initiale de 12 MW et un potentiel d'expansion de 60 MW. Le site génère actuellement 55 pétahash grâce au minage par immersion. LMFA a obtenu un prêt non convertible de 5 millions de dollars pour acquérir des mineurs et des infrastructures supplémentaires. L'entreprise vise à tirer parti de ses avoirs en Bitcoin pour financer 72 MW d'énergie à prix de marché pour le minage ou la revente au réseau. Cette acquisition fournit un domicile pour la flotte existante de LMFA et introduit les avantages du minage par immersion.
LM Funding America, Inc. (NASDAQ: LMFA) hat ein Update zur Bitcoin-Mining für den 31. Juli 2024 bereitgestellt. Das Unternehmen hält 132,5 BTC, die mit etwa 8,1 Millionen Dollar bewertet sind. LMFA kündigte ein Absichtsschreiben zur Erhöhung eines Mining-Standorts in Texas mit einer anfänglichen Kapazität von 12 MW und einem Erweiterungspotential von 60 MW an. Der Standort generiert derzeit 55 Petahash unter Verwendung von Immersionsmining. LMFA sicherte sich ein nicht konvertierbares Darlehen in Höhe von 5 Millionen Dollar, um zusätzliche Miner und Infrastruktur zu erwerben. Das Unternehmen plant, seine Bitcoin-Bestände zu nutzen, um 72 MW marktpreisbasierten Strom für das Mining oder den Netzverkauf zu finanzieren. Diese Akquisition bietet einen Standort für die bestehende Flotte von LMFA und bringt die Vorteile von Immersionsmining mit sich.
- Acquisition of a mining site in Texas with 12 MW initial capacity and 60 MW expansion potential
- Secured $5 million non-convertible loan for expansion initiatives
- Strategy to leverage Bitcoin holdings for 72 MW of market-priced power
- Potential to yield about 1,000 Bitcoin annually at current network difficulty rates
- Decreased Bitcoin production due to 2,080 miners in transit
- Static potential hashrate at 639 petahash
Insights
The announcement of LM Funding's potential acquisition of a 72 MW mining facility in Texas is a significant development. This could substantially increase their mining capacity, potentially yielding ~1,000 Bitcoin annually. The
LM Funding's move to acquire a mining facility with immersion cooling technology is strategically sound. Immersion cooling can significantly enhance mining efficiency and extend equipment lifespan. The potential 72 MW capacity would place LMFA among mid-tier Bitcoin miners. However, the current production dip and static hashrate at 639 PH/s indicate short-term challenges. The company's plan to leverage Bitcoin holdings for acquiring market-priced power is intriguing, offering flexibility between mining and grid reselling. This dual-use strategy could provide a hedge against Bitcoin price volatility. Investors should monitor the execution of this expansion plan, as it could significantly impact LMFA's position in the competitive mining landscape.
The acquisition of a Texas-based mining facility is a smart move for LM Funding, given the state's relatively low energy costs and crypto-friendly regulations. The initial 12 MW capacity with potential for 60 MW expansion offers significant growth prospects. The ability to resell power to the grid is a valuable feature, potentially allowing for revenue optimization during peak demand periods. However, investors should be aware of the challenges in scaling up to 72 MW, including potential regulatory hurdles and infrastructure investments. The company's strategy to use market-priced power could expose it to energy price fluctuations, which could impact profitability. Overall, this move positions LMFA to potentially benefit from the evolving energy landscape in cryptocurrency mining.
Total Bitcoin holdings were approximately 132.5 BTC as of July 31, 2024, or approximately
TAMPA, Fla., Aug. 12, 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 and operational update for the month ended July 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 | One Month June 30, 2024 | One Month July 31, 2024 | Seven Months Ended July 31, 2024 | ||||||
| Bitcoin Beginning Balance | 95.1 | 126.8 | 153.6 | 163.4 | 155.1 | 163.1 | 160.5 | 95.1 | ||||||
| Bitcoin Mined, net | 31.7 | 26.8 | 27.9 | 24.7 | 14.0 | 5.4 | 4.6 | 135.1 | ||||||
| Bitcoin Sold | - | - | (18.0 | ) | (33.0 | ) | (6.0 | ) | (8.0 | ) | (32.5 | ) | (97.5 | ) |
| Service Fee | - | - | (0.1 | ) | - | - | - | (0.1 | ) | (0.2 | ) | |||
| Bitcoin Holdings at Month End | 126.8 | 153.6 | 163.4 | 155.1 | 163.1 | 160.5 | 132.5 | 132.5 | ||||||
| Approximate Miners Deployed at Month End | 5,950 | 5,940 | 5,940 | 5,880 | 5,510 | 1,878 | 3,800 | |||||||
| Approximate Miners In-Transit at Month End | 370 | 4,002 | 2,080 | |||||||||||
| Approximate Potential Hash Rate at Month End (PH/s) | 615 | 614 | 614 | 639 | 639 | 639 | 639 | |||||||
*Unaudited
The Company estimates that the value of its 132.5 Bitcoin holdings on July 31, 2024, was approximately
Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, “Our potential hashrate remains static at 639 petahash, while our decreased production reflects that we have 2,080 miners currently in transit to a new hosting location. The Company is pleased to announce a nonbinding Letter of Intent to acquire a mining site in Texas. This site offers 12 MW of initial power capacity with the potential for an additional 60 MW expansion.” Rodgers continued, “We believe that this acquisition, if completed, will provide us with a cost-effective location to energize all our existing machines. The mining site is currently generating 55 petahash of mining capacity using immersion mining techniques. Our primary goal with this acquisition is to invest capital to mine the full potential 72 megawatts.”
To facilitate these expansion initiatives, LM Funding America, Inc. has secured a
Bruce Rodgers, Chief Executive Officer of LM Funding America, Inc., stated, "Our strategy is to leverage our Bitcoin holdings to finance the acquisition of 72 MW of market-priced power that can be used for Bitcoin mining or resold to the grid. This strategic acquisition provides a home for the balance of our existing mining fleet along with an existing 55 petahash of mining capacity and an introduction to the advantages of immersion mining.” Rodgers added, “We believe we now have a sound path to grow from our current position to quickly mining 12 MW and then to a steady leveraged capital expansion plan aimed at expanding our Company's capacity to mine 72 MW, which is currently projected to yield about 1,000 Bitcoin annually at current network difficulty rates.".”
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 risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. 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
FAQ
What was LM Funding America's (LMFA) Bitcoin holdings as of July 31, 2024?
What is the potential capacity of the mining facility LMFA plans to acquire in Texas?
How much non-convertible loan did LMFA secure for expansion initiatives?
What is LMFA's projected annual Bitcoin mining output at 72 MW capacity?
