LM Funding Commences Generation of Bitcoin Mining Revenue
September 26 2022 - 8:30AM
LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or
"LMFA") today announced the energization of 848 S19J Pro
Antminer Mining Machines (S19J Pro) at the Core Scientific Inc.
facility in Calvert City, Kentucky.
“We are excited to energize our first machines in
my home state of Kentucky,” said Bruce M. Rodgers, Chairman and CEO
of LM Funding and a Bowling Green, Kentucky native. “We
plan to sell our mined Bitcoin to pay operating expenses and
reinvest the balance in the purchase and operation of additional
Bitcoin mining machines.” Rodgers finished by stating,
“Generating Bitcoin revenue marks the successful execution to
date of our cryptocurrency mining business strategy and next phase
of growth for our Company. We continue to believe all
5,400 machines will be energized and anticipated to be generating
approximately 544 petahash on an annualized basis by December 31,
2022.”
The Company also announced that has also ordered
200 Bitmain S19 XP mining machines that have a hashrate of 140 TH/s
and are expected to be delivered between December 2022 and January
2023.
About LM Funding AmericaLM
Funding America, Inc., 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, the capacity of our bitcoin mining machines and
our related ability to purchase power at reasonable prices, the
financial stability of mining machine hosting vendors, the ability
to finance our planned cryptocurrency mining operations, our
ability to acquire new accounts in our specialty finance business
at appropriate prices, the need for capital, our ability to hire
and retain new employees, 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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