LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended May 31, 2024
10 Juin 2024 - 3:00PM
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 May 31, 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 |
Five Months May 31, 2024 |
Bitcoin Beginning Balance |
95.1 |
126.8 |
153.6 |
163.4 |
155.1 |
95.1 |
Bitcoin Mined, net |
31.7 |
26.8 |
27.9 |
24.7 |
14.0 |
125.1 |
Bitcoin Sold |
- |
- |
(18.0) |
(33.0) |
(6.0) |
(57.0) |
Service Fee |
- |
- |
(0.1) |
- |
- |
(0.1) |
Bitcoin Holdings |
126.8 |
153.6 |
163.4 |
155.1 |
163.1 |
163.1 |
|
|
|
|
|
|
|
Approximate Miners Deployed at Month End |
5,950 |
5,940 |
5,940 |
5,880 |
5,880+ |
|
Approximate Deployed Hash Rate at Month End (PH/s) |
615 |
614 |
614 |
639 |
639 |
|
*Unaudited+ approximately 370 machines are in
transit to new hosting site
Bruce M. Rodgers, Chairman and CEO of LM
Funding, stated, "Our mining operations continue to deliver solid
results. Moreover, the recently announced hosting agreement with
Arthur Mining for our S19J Pros allows us to continue mining these
older machines and provides us cost effective hosting capacity to
scale our growth. We are leveraging our capital to obtain some of
the benefits of infrastructure investment. We are eager to utilize
Arthur Mining's extensive hosting expertise and infrastructure to
drive even faster growth."
The Company estimates the value of its 163.1
Bitcoin holdings on May 31, 2024, was approximately $11.4 million,
based on an estimated June 7, 2024, BTC price of $70,000.
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)
671-1021Email: LMFA@crescendo-ir.com
LM Funding America (NASDAQ:LMFA)
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