LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended June 30, 2024
July 16 2024 - 5:00PM
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 June 30, 2024.
Metrics * |
One Month January 31, 2024 |
One Month February 29, 2024 |
One Month March 31, 2024 |
One Month April 30, 2024 |
One Month May 31, 2024 |
One Month June 30, 2024 |
Six Months June 30, 2024 |
Bitcoin Beginning Balance |
95.1 |
126.8 |
153.6 |
163.4 |
155.1 |
163.1 |
95.1 |
Bitcoin Mined, net |
31.7 |
26.8 |
27.9 |
24.7 |
14.0 |
5.4 |
130.5 |
Bitcoin Sold |
- |
- |
(18.0) |
(33.0) |
(6.0) |
(8.0) |
(65.0) |
Service Fee |
- |
- |
(0.1) |
- |
- |
- |
(0.1) |
Bitcoin Holdings |
126.8 |
153.6 |
163.4 |
155.1 |
163.1 |
160.5 |
160.5 |
|
|
|
|
|
|
|
|
Approximate Miners Deployed at Month End |
5,950 |
5,940 |
5,940 |
5,880 |
5,510 |
1,878 |
|
Approximate Miners In-Transit at Month End |
|
|
|
|
370 |
4,002 |
|
Approximate Potential Hash Rate at Month End (PH/s) |
615 |
614 |
614 |
639 |
639 |
639 |
|
*Unaudited
Effective July 12, 2024, approximately 2,900
mining machines (“Miners”) were installed and deployed at a site in
Oklahoma owned and operated by Arthur Mining under our previously
announced strategic collaboration with Arthur Mining, while an
additional 1,000 Miners that were active at June month-end were
moved in July from a different Oklahoma site to a warehouse for
redeployment.
Bruce M. Rodgers, Chairman and CEO of LM
Funding, stated, "Our mining operations for June 2024 reflect the
timely ending of several unfavorable hosting contracts as of May
31, 2024, which allows us to reposition our Miners to lower cost
sites. We were able to redeploy and energize approximately 3,000
Miners to the Arthur Oklahoma hosting site in July 2024 and
currently anticipate that the remaining Miners will be redeployed
to other lower-cost hosting sites over approximately the next four
months. In addition, we have entered into a non-binding term sheet
with a potential lender regarding a secured non-convertible loan
facility of up to $5.0 million that would be used to acquire
additional Miners, and if such loan is consummated, it would have a
maturity date of 2 years from the closing of the loan.”
The Company estimates that the value of its
160.5 Bitcoin holdings on June 30, 2024, was approximately $10.2
million, based on an estimated June 15, 2024, BTC price of $63,750.
However, under the new accounting standards effective for 2024, the
Company will revalue its Bitcoin holdings to the quarter-end BTC
market value each quarter.
About LM Funding AmericaLM 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 StatementsThis 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, LLCTel: (212)
671-1021
LM Funding America (NASDAQ:LMFA)
Historical Stock Chart
From Sep 2024 to Oct 2024
LM Funding America (NASDAQ:LMFA)
Historical Stock Chart
From Oct 2023 to Oct 2024