LM Funding America, Inc.’s Bitcoin Holdings was Valued at $9.6 million in Monthly Update
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction – LMFA
In the trading session that priced this news, LMFA declined 6.58%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
