TAMPA, Fla., Nov. 21, 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 mining and operational update for the month ended October 31, 2024.
| Metrics | One Month October 31, 2023 |
One Month September 30, 2024 |
One Month October 31, 2024 |
|||||||
| Bitcoin Mined, net | 36.9 | 6.6 | 7.3 | |||||||
| Bitcoin Sold | (55.0 | ) | – | (9.0 | ) | |||||
| Service Fee (rounding) | – | 0.1 | – | |||||||
| Bitcoin Holdings at Month End | 72.0 | 142.3 | 140.5 | |||||||
| Approximate Miners Deployed at Month End | 5,950 | 3,700 | 3,700 | |||||||
| Approximate Miners In-Transit at Month End | 2,180 | 2,180 | ||||||||
| Approximate Potential Hash Rate at Month End (PH/s) | 615 | 639 | 639 | |||||||
Unaudited
The Company estimates that the value of its 140.5 Bitcoin holdings on October 31, 2024, was approximately $13.3 million, based on an estimated November 20, 2024, BTC price of $94,700.
CFO Comments
Richard Russell, Chief Financial Officer of LM Funding, stated, ” production was slightly higher in October 2024 compared to September 2024, attributed to the installation of more efficient software on our existing machines and improved uptime efficiency. As we continue to refine and expand our operations, we are emphasizing the accumulation of our BTC holdings in anticipation of the BTC price increases to complement the vertical integration strategy announced earlier this year.”
This approach highlights LM Funding’s commitment to enhancing operational efficiency while strategically managing its Bitcoin assets. By focusing on both mining productivity and asset retention, the Company aims to position itself for sustained growth and resilience in the competitive cryptocurrency market.
CEO Comments
Bruce Rodgers, Chief Executive Officer of LM Funding, commented, “The Company’s recently announced acquisition of the 15 MW mining site in Oklahoma will significantly enhance our active mining capacity by offering a cost-effective location for our existing mining machines. This strategic site will provide an additional 5 MW of mining capacity, which we anticipate will increase our deployed miners to approximately 5,200 units. Following the closing of the site acquisition in early December, the Company currently plans to commence an expansion process in the first quarter of 2025 to add an additional 60 MW. This expansion aligns with our…
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