LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended February 29, 2024
11 März 2024 - 1:30PM
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 February 29, 2024.
Metrics * |
One Month January 31, 2024 |
One Month February 29, 2024 |
|
Bitcoin Beginning Balance |
95.1 |
126.8 |
|
Bitcoin Mined, net |
31.7 |
26.8 |
|
Bitcoin Sold |
- |
- |
|
|
|
|
|
Bitcoin Holdings |
126.8 |
153.6 |
|
|
|
|
|
Approximate Miners Deployed at Quarter End |
5,950 |
5,940 |
|
Approximate Deployed Hash Rate at Quarter End (PH/s) |
615 |
614 |
|
*Unaudited
Bruce M. Rodgers, Chairman and CEO of LM
Funding, stated, "We are currently executing on all fronts with
26.8 Bitcoin mined in February alone, bringing our total Bitcoin to
over 150 as of the end of February. In addition, the price of
Bitcoin has continued to appreciate, as we had anticipated, in
advance of the next halving event. In fact, the value of our
Bitcoin held at the end of February was over $10.4 million dollars
based on an estimated March 8, 2024 BTC price of $68,000, or
approximately $4.28 per share after giving effect to our previously
announced 1-for-6 reverse stock split that will become effective on
March 12, 2024. Given the strength of our balance sheet, we have
not had the need to sell any of our Bitcoin holdings to fund our
operations. As a result, we believe our buy-and-hold approach,
coupled with our infrastructure-light strategy, could continue to
drive significant value for shareholders over the coming months as
we deploy more Bitmain S21 Antminer machines and increase our
deployed Hash Rate.”
The Company estimates the value of its 153.6
Bitcoin holdings as of February 29, 2024 was approximately $10.4
million as of March 8, 2024, based on an estimated March 8, 2024,
BTC price of $68,000.
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
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