LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended April 30, 2024

Rhea-AI Summary

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.

Positive

• Increased hashing power due to the deployment of new Bitmain S21 200 TH/s machines.

• Solid mining results in April 2024 despite the halving.

Negative

• None.

Insights

Financial Analyst

In assessing LM Funding America, Inc.'s operational update, the reported Bitcoin holdings equate to a substantial asset on the balance sheet, estimated at $9.7 million>. The company's consistent mining activity, indicated by the net 111.1 BTC mined over the last four months, suggests operational efficiency and a positive trajectory in the accumulation of Bitcoin. However, the sale of 51 BTC could signal liquidity needs or a risk management strategy to lock in gains amid volatile cryptocurrency markets. An increased hash rate due to the addition of new mining equipment is a future-oriented move, potentially increasing the company's mining capability and future revenue. Yet, it's critical to consider the inherent volatility of Bitcoin's price and the significant operating costs associated with mining when evaluating the long-term financial health and profitability of the company.

Cryptocurrency Market Analyst

LM Funding's mining update provides an insight into the practical impacts of the Bitcoin halving event. The halving, which reduces the reward for mining new blocks, tends to create upward pressure on Bitcoin's price by limiting supply. The company's proactive upgrade to the Bitmain S21 200 TH/s machines could position them advantageously within the competitive mining sector. It displays a strategic adaptation to changing rewards structures by increasing mining efficiency. However, investors should monitor whether the increase in hash rate can offset the reduced rewards post-halving and how fluctuations in Bitcoin's price affect the company's valuation of its digital assets.

Total Bitcoin holdings were approximately 155.1 BTC as of April 30, 2024, or approximately $9.7 million based on an estimated May 8, 2024, BTC price of $62,500

TAMPA, FL, May 09, 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 update for the month ended April 30, 2024.

Metrics *	One Month January 31, 2024	One Month February 29, 2024	One Month March 31, 2024	One Month April 30, 2024	Four Months April 30, 2024
Bitcoin Beginning Balance	95.1	126.8	153.6	163.4	95.1
Bitcoin Mined, net	31.7	26.8	27.9	24.7	111.1
Bitcoin Sold	-	-	(18.0)	(33.0)	(51.0)
Service Fee	-	-	(0.1)	-	(0.1)
Bitcoin Holdings	126.8	153.6	163.4	155.1	155.1
Approximate Miners Deployed at Month End	5,950	5,940	5,940	5,880
Approximate Deployed Hash Rate at Month End (PH/s)	615	614	614	639

*Unaudited

Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, "In light of the halving, our mining operations delivered solid results in April 2024. The new state-of-the-art Bitmain S21 200 TH/s machines were delivered and installed during March and April which increased our total hashing power to 639 Ph/s.”

The Company estimates the value of its 155.1 Bitcoin holdings on April 30, 2024, was approximately $9.7 million, based on an estimated May 8, 2024, BTC price of $62,500.

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

How many BTC did LM Funding America, Inc. hold as of April 30, 2024?

LM Funding America, Inc. held approximately 155.1 BTC as of April 30, 2024.

What was the estimated value of LM Funding America, Inc.'s BTC holdings on April 30, 2024?

The estimated value of LM Funding America, Inc.'s 155.1 BTC holdings on April 30, 2024, was around $9.7 million.

What was the approximate hashing power of LM Funding America, Inc. at the end of April 2024?

LM Funding America, Inc. had an approximate hashing power of 639 Ph/s at the end of April 2024.