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.
News Market Reaction
On the day this news was published, LMFA declined 2.82%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Total Bitcoin holdings were approximately 155.1 BTC as of April 30, 2024, or approximately
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
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?
What was the estimated value of LM Funding America, Inc.'s BTC holdings on April 30, 2024?
What was the approximate hashing power of LM Funding America, Inc. at the end of April 2024?
