Bitcoin
LM Funding America, Inc. provides monthly Bitcoin mining and operational updates for the month ending May 31, 2024
LM Financing America, Inc.
Total Bitcoin holdings were approximately 163.1 BTC as of May 31, 2024, or approximately $11.4 million based on an estimated BTC price of $70,000 as of June 7, 2024.
TAMPA, FL, June 10, 2024 (GLOBE NEWSWIRE) – (NASDAQ: LMFA) (“LM Funding” or the “Company”), a technology-based cryptocurrency mining and specialty finance company, today provided a preliminary, unaudited Bitcoin mining update for the month ending 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 Starting Balance |
95.1 |
126.8 |
153.6 |
163.4 |
155.1 |
95.1 |
|
Bitcoin mined, liquid |
31.7 |
26.8 |
27.9 |
24.7 |
14.0 |
125.1 |
|
Bitcoin sold |
– |
– |
(18.0) |
(33.0) |
(6.0) |
(57.0) |
|
Service charge |
– |
– |
(0.1) |
– |
– |
(0.1) |
|
Bitcoin Holdings |
126.8 |
153.6 |
163.4 |
155.1 |
163.1 |
163.1 |
|
Approximate miners deployed at the end of the month |
5,950 |
5,940 |
5,940 |
5,880 |
5,880+ |
|
|
Approximate month-end deployed hash rate (PH/s) |
615 |
614 |
614 |
639 |
639 |
*Not audited
+ approximately 370 machines are in transit to new hosting site
Bruce M. Rodgers, President and CEO of LM Funding, stated, “Our mining operations continue to deliver solid results. Additionally, the recently announced hosting contract with Arthur Mining for our S19J Pros allows us to continue mining these older machines and provides us with cost-effective hosting capacity to scale our growth. We are leveraging our capital to realize some of the benefits of infrastructure investment. We look forward to utilizing Arthur Mining’s extensive experience and hosting infrastructure to drive even faster growth.”
The company estimates that the value of its holdings of 163.1 Bitcoins as of May 31, 2024 was approximately $11.4 million, based on an estimated BTC price as of June 7, 2024 of $70,000.
About LM Funding America
(Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining company that began Bitcoin mining operations in September 2021. The company also operates a specialized technology-based financial company that provides financing to non-profit community associations (Associations) located primarily in the state of Florida, as well as the states of Washington, Colorado and Illinois, funding a certain portion of the Associations’ claims to delinquent accounts selected by the Associations arising from unpaid assessments of the Association.
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Forward-Looking Statements
This press release may contain forward-looking statements made within the meaning of 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 mean forward-looking statements. Forward-looking statements are not guarantees of future results or conditions, but are subject to a number of risks and uncertainties. Certain 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, the uncertainty created by the risks of entering and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business generally, issues with hosting providers in the mining business, the capacity of our machines of Bitcoin mining and our related ability to purchase energy at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialized finance business at appropriate prices, the potential need for additional capital in the future, changes in government policies, regulations that affect our ability to collect sufficient amounts on delinquent consumer accounts receivable, changes in 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
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