LM Funding America, Inc.'s Bitcoin Holdings was Valued at $9.6 million in Monthly Update
TAMPA, Fla., Oct. 17, 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 Bitcoin mining and operational update for the month ended September 30, 2024.
Metrics * | Three Months 1stQtr. 2024 | Three Months 2ndQtr. 2024 | One Month September 30, 2024 | Three Months 3rdQtr. 2024 | Nine Months Ended September 30, 2024 | ||||||
| Bitcoin Beginning Balance | 95.1 | 163.4 | 135.7 | 160.4 | 95.1 | ||||||
| Bitcoin Mined, net | 86.4 | 44.1 | 6.6 | 18.4 | 148.9 | ||||||
| Bitcoin Sold | (18.0) | (47.0) | - | (36.5) | (101.5) | ||||||
| Service Fee (rounding) | (0.1) | (0.1) | 0.1 | - | (0.2) | ||||||
| Bitcoin Holdings at Month End | 163.4 | 160.4 | 142.3 | 142.3 | 142.3 | ||||||
| Approximate Miners Deployed at Month End | 5,940 | 5,880 | 3,700 | 3,700 | |||||||
| Approximate Miners In-Transit at Month End | 2,200 | 2,200 | |||||||||
| Approximate Potential Hash Rate at Month End (PH/s) | 614 | 639 | 639 | 639 | |||||||
*Unaudited
The Company estimates that the value of its 142.3 Bitcoin holdings on September 30, 2024, was approximately $9.6 million, based on an estimated October 16, 2024 BTC price of $67,500.
About LM Funding America
LM Funding America, Inc. (NASDAQ:LMFA), operates as a cryptocurrency mining and specialty finance company. It operates through two segments, Specialty Finance and Mining Operations. The company has approximately 5,880 miners, electrified and actively mining Bitcoin, providing the company with approx. 639 petahash of mining capacity. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.
Forward-Looking Statements
This 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.
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