LM Funding America, Inc.’s Bitcoin Holdings was Valued at $9.6 million in Monthly Update
LM Funding America, Inc. (NASDAQ: LMFA), a cryptocurrency mining and technology-based specialty finance company, has released a preliminary, unaudited Bitcoin mining and operational update for September 2024. The company's Bitcoin holdings at the end of September were 142.3 BTC, valued at approximately $9.6 million based on an estimated BTC price of $67,500 on October 16, 2024.
Key metrics for September 2024 include:
- 6.6 Bitcoin mined
- No Bitcoin sold
- 3,700 miners deployed
- 2,200 miners in transit
- Potential hash rate of 639 PH/s
The report also provides comparative data for the first three quarters of 2024, showing a total of 148.9 Bitcoin mined and 101.5 Bitcoin sold over the nine-month period.
- Bitcoin holdings valued at $9.6 million as of September 30, 2024
- Continued Bitcoin mining operations with 6.6 BTC mined in September
- No Bitcoin sold in September, potentially indicating a hold strategy
- Deployment of 3,700 miners with an additional 2,200 in transit
- Potential hash rate maintained at 639 PH/s
- Decrease in monthly Bitcoin mining from 44.1 in Q2 to 6.6 in September
- Reduction in deployed miners from 5,880 in Q2 to 3,700 in September
Insights
LM Funding America's latest update reveals significant Bitcoin mining operations and holdings. The company reported holding 142.3 Bitcoins as of September 30, 2024, valued at approximately
The company's mining operations show a decline in monthly production, with only 6.6 Bitcoins mined in September 2024, compared to an average of 21.75 Bitcoins per month in Q2 2024. This decrease coincides with a reduction in deployed miners from 5,880 to 3,700. However, the company reports 2,200 miners in transit, which could boost future production.
Despite the production slowdown, LMFA's strategy of holding onto mined Bitcoin rather than immediately selling could be beneficial in a bullish crypto market. The company's decision to retain most of its mined Bitcoin in Q3 2024 suggests confidence in future price appreciation. Investors should monitor Bitcoin price movements and the company's ability to deploy additional miners to assess potential growth in asset value and mining capacity.
LM Funding's Bitcoin mining update reveals interesting trends in their operations. The company's hash rate has remained stable at 639 PH/s since Q2 2024, despite a
The dramatic decrease in monthly Bitcoin production from 44.1 in Q2 to 6.6 in September is concerning and warrants explanation. It could be due to increased network difficulty, operational issues, or strategic decisions to conserve energy costs. The 2,200 miners in transit could potentially address this production drop, but their deployment timeline and impact on hash rate are important factors to watch.
LMFA's hodling strategy is notable, with no Bitcoin sales in September and sales in Q3 compared to previous quarters. This approach exposes the company to Bitcoin's price volatility but could yield substantial returns if prices continue to rise. The estimated
TAMPA, Fla., Oct. 17, 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 September 30, 2024.
Metrics * | Three Months 1stQtr. 2024 | Three Months 2ndQtr. 2024 | One Month September 30, 2024 | Three Months 3rdQtr. 2024 | Nine Months Ended September 30, 2024 | ||||||
| Bitcoin Beginning Balance | 95.1 | 163.4 | 135.7 | 160.4 | 95.1 | ||||||
| Bitcoin Mined, net | 86.4 | 44.1 | 6.6 | 18.4 | 148.9 | ||||||
| Bitcoin Sold | (18.0) | (47.0) | - | (36.5) | (101.5) | ||||||
| Service Fee (rounding) | (0.1) | (0.1) | 0.1 | - | (0.2) | ||||||
| Bitcoin Holdings at Month End | 163.4 | 160.4 | 142.3 | 142.3 | 142.3 | ||||||
| Approximate Miners Deployed at Month End | 5,940 | 5,880 | 3,700 | 3,700 | |||||||
| Approximate Miners In-Transit at Month End | 2,200 | 2,200 | |||||||||
| Approximate Potential Hash Rate at Month End (PH/s) | 614 | 639 | 639 | 639 | |||||||
*Unaudited
The Company estimates that the value of its 142.3 Bitcoin holdings on September 30, 2024, was approximately
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, 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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How many miners did LMFA have deployed and in transit as of September 30, 2024?
