LM Funding America, Inc. Provides Quarterly Bitcoin Mining Update for Three Months Ended June 30, 2023
July 12 2023 - 8:30AM
LM Funding America, Inc. (NASDAQ:LMFA) (“LM Funding” or the
“Company”), a cryptocurrency mining and technology-based
specialty finance company, today announced that it has mined
approximately 106.35 Bitcoin (“BTC”) for the three months ended
June 30, 2023, bringing the Company’s Bitcoin holdings to
approximately 79.1 BTC as of June 30, 2023.
The Company also announced that it has installed
Braiins OS+ software on 360 of its mining machines. Braiins
OS+ software is expected to increase mining machine hashrate by as
much as 25%. Machines operating Braiins OS+ software may mine with
any pool or mine with Braiins pool and pay no pool fees to Braiins
pool.
Additionally, the Company provided an update on
the status of the 1,080 Bitcoin mining machines it had previously
announced would be hosted by Giga Energy. Of the 1,080 Bitcoin
mining machines, 720 of the mining machines have been placed at
GIGA Energy’s site. About 360 of these machines are now powered and
actively mining as of June 30, 2023. This brings the total
number of mining machines of the Company that are actively mining
Bitcoin to approximately 5,235 machines, which are generating
approximately 543 PH as of June 30, 2023. The Company
currently expects the remaining 720 machines to be powered and
actively mining by July 31, 2023.
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 COVID-19 pandemic,
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 our
planned 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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