LM Funding America, Inc.’s Bitcoin Holdings Valued at $13.3 million in Monthly Update
LM Funding America (NASDAQ: LMFA) released its Bitcoin mining update for October 2024. The company mined 7.3 BTC, up from 6.6 in September, and holds 140.5 BTC valued at approximately $13.3 million (based on $94,700 BTC price). The company maintains 3,700 miners deployed with 639 PH/s potential hash rate. Mining production improvements were attributed to more efficient software and improved uptime. The company announced acquisition of a 15 MW mining site in Oklahoma, which will add 5 MW capacity and increase deployed miners to approximately 5,200 units, with plans to expand by additional 60 MW in Q1 2025.
LM Funding America (NASDAQ: LMFA) ha rilasciato il suo aggiornamento sulle attività di mining di Bitcoin per ottobre 2024. L'azienda ha estratto 7,3 BTC, in aumento rispetto ai 6,6 di settembre, e detiene 140,5 BTC valutati circa 13,3 milioni di dollari (basato su un prezzo di BTC di 94.700 dollari). L'azienda mantiene 3.700 miner attivi con un potenziale tasso di hash di 639 PH/s. Miglioramenti nella produzione di mining sono stati attribuiti a software più efficienti e a un miglioramento dei tempi di operatività. L'azienda ha annunciato l'acquisizione di un sito di mining da 15 MW in Oklahoma, che aggiungerà 5 MW di capacità e porterà il numero di miner attivi a circa 5.200 unità, con piani di espansione di ulteriori 60 MW nel primo trimestre del 2025.
LM Funding America (NASDAQ: LMFA) publicó su actualización de minería de Bitcoin para octubre de 2024. La compañía minó 7.3 BTC, un aumento respecto a los 6.6 en septiembre, y posee 140.5 BTC valorados en aproximadamente 13.3 millones de dólares (basado en un precio de BTC de 94,700 dólares). La compañía mantiene 3,700 mineros desplegados con una tasa de hash potencial de 639 PH/s. Las mejoras en la producción minera se atribuyeron a un software más eficiente y a una mejor disponibilidad. La empresa anunció la adquisición de un sitio de minería de 15 MW en Oklahoma, que añadirá 5 MW de capacidad y aumentará el número de mineros desplegados a aproximadamente 5,200 unidades, con planes de expandirse en 60 MW adicionales en el primer trimestre de 2025.
LM Funding America (NASDAQ: LMFA)는 2024년 10월 비트코인 채굴 업데이트를 발표했습니다. 회사는 9월의 6.6 BTC에서 증가한 7.3 BTC를 채굴하였고, 약 1,330만 달러에 해당하는 140.5 BTC를 보유하고 있습니다 (BTC 가격 기준 94,700 달러). 이 회사는 3,700대의 채굴기를 운영 중이며, 잠재 해시레이트는 639 PH/s입니다. 채굴 생산 개선은 더 효율적인 소프트웨어와 개선된 운용 시간을 덕분으로 보고되었습니다. 이 회사는 오클라호마에 15 MW의 채굴 사이트를 인수했다고 발표했으며, 이로 인해 5 MW의 용량이 추가되고 약 5,200대의 채굴기로 증가할 예정이며, 2025년 1분기에는 추가로 60 MW를 확장할 계획입니다.
LM Funding America (NASDAQ: LMFA) a publié sa mise à jour sur le minage de Bitcoin pour octobre 2024. L'entreprise a miné 7,3 BTC, en hausse par rapport aux 6,6 de septembre, et détient 140,5 BTC d'une valeur d'environ 13,3 millions de dollars (sur la base d'un prix de BTC de 94 700 dollars). L'entreprise maintient 3 700 mineurs déployés avec un taux de hachage potentiel de 639 PH/s. Les améliorations de la production de minage ont été attribuées à un logiciel plus efficace et à une meilleure disponibilité. L'entreprise a annoncé l'acquisition d'un site de minage de 15 MW en Oklahoma, qui ajoutera 5 MW de capacité et augmentera le nombre de mineurs déployés à environ 5 200 unités, avec des projets d'expansion de 60 MW supplémentaires au premier trimestre de 2025.
LM Funding America (NASDAQ: LMFA) hat sein Bitcoin-Mining-Update für Oktober 2024 veröffentlicht. Das Unternehmen hat 7,3 BTC gemined, ein Anstieg von 6,6 im September, und hält 140,5 BTC, die ungefähr 13,3 Millionen Dollar wert sind (basierend auf einem BTC-Preis von 94.700 Dollar). Das Unternehmen betreibt 3.700 Miner mit einer potenziellen Hashrate von 639 PH/s. Verbesserungen der Mining-Produktion werden auf effizientere Software und verbesserte Betriebszeiten zurückgeführt. Das Unternehmen gab die Akquisition eines 15 MW-Mining-Standorts in Oklahoma bekannt, der 5 MW Kapazität hinzufügen wird und die Zahl der betriebenen Miner auf etwa 5.200 Einheiten erhöhen wird, mit Plänen zur Expansion um weitere 60 MW im ersten Quartal 2025.
- Bitcoin holdings valued at $13.3 million
- Increased monthly Bitcoin mining from 6.6 to 7.3 BTC
- Improved mining efficiency through software optimization
- Acquisition of 15 MW mining site adding 5 MW capacity
- Planned expansion of 60 MW in Q1 2025
- Decrease in deployed miners from 5,950 to 3,700 year-over-year
Insights
This operational update reveals significant developments in LMFA's mining operations. The company's 140.5 BTC holdings valued at
The reduction in deployed miners from 5,950 to 3,700 year-over-year suggests equipment optimization rather than capacity expansion. However, the planned increase to 5,200 miners post-Oklahoma site acquisition indicates renewed growth momentum. The strategy to accumulate BTC amid price appreciation aligns with industry best practices for value creation.
LMFA's financial position shows strategic asset management with their substantial Bitcoin holdings. The company's decision to sell 9 BTC while maintaining a strong
The year-over-year comparison reveals evolving operational metrics, with current focus on efficiency over raw mining power. This strategic shift, combined with the vertical integration strategy, positions LMFA for potentially improved financial performance in the evolving crypto market landscape.
TAMPA, Fla., Nov. 21, 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 October 31, 2024.
| Metrics * | One Month October 31, 2023 | One Month September 30, 2024 | One Month October 31, 2024 | |||||||
| Bitcoin Mined, net | 36.9 | 6.6 | 7.3 | |||||||
| Bitcoin Sold | (55.0 | ) | - | (9.0 | ) | |||||
| Service Fee (rounding) | - | 0.1 | - | |||||||
| Bitcoin Holdings at Month End | 72.0 | 142.3 | 140.5 | |||||||
| Approximate Miners Deployed at Month End | 5,950 | 3,700 | 3,700 | |||||||
| Approximate Miners In-Transit at Month End | 2,180 | 2,180 | ||||||||
| Approximate Potential Hash Rate at Month End (PH/s) | 615 | 639 | 639 | |||||||
*Unaudited
The Company estimates that the value of its 140.5 Bitcoin holdings on October 31, 2024, was approximately
CFO Comments
Richard Russell, Chief Financial Officer of LM Funding, stated, "Mining production was slightly higher in October 2024 compared to September 2024, attributed to the installation of more efficient software on our existing machines and improved uptime efficiency. As we continue to refine and expand our operations, we are emphasizing the accumulation of our BTC holdings in anticipation of the BTC price increases to complement the vertical integration strategy announced earlier this year."
This approach highlights LM Funding's commitment to enhancing operational efficiency while strategically managing its Bitcoin assets. By focusing on both mining productivity and asset retention, the Company aims to position itself for sustained growth and resilience in the competitive cryptocurrency market.
CEO Comments
Bruce Rodgers, Chief Executive Officer of LM Funding, commented, "The Company’s recently announced acquisition of the 15 MW mining site in Oklahoma will significantly enhance our active mining capacity by offering a cost-effective location for our existing mining machines. This strategic site will provide an additional 5 MW of mining capacity, which we anticipate will increase our deployed miners to approximately 5,200 units. Following the closing of the site acquisition in early December, the Company currently plans to commence an expansion process in the first quarter of 2025 to add an additional 60 MW. This expansion aligns with our strategic objectives to scale operations efficiently and maintain our competitive position in the cryptocurrency mining landscape."
This acquisition underscores LM Funding's commitment to growing its mining capabilities through strategic investments and location optimization.
About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), operates as a cryptocurrency mining and specialty finance company. It operates through two segments, Specialty Finance and Mining Operations. The company has approximately 5,880 miners, electrified and actively mining Bitcoin, providing the company with approx. 639 petahash of mining capacity. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.
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, the risk that the above-described acquisition of the Oklahoma mining site may not be successfully completed and the risk that the expected benefits from the acquisition will not be realized or will not be realized within the expected time periods, 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
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