LM Funding America, Inc. signs contract to host 500 Bitcoin miners
Machines expected to be electrified and mining by the end of March 2023
TAMPA, Fla., March 13, 2023 /PRNewswire/ — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), one cryptocurrency mining and technology-based specialty finance company, announced today that the company has signed a new contract to host 500 of its bitcoin mining machines with Aspen Creek Digital Corporation aka Longbow HostCo, LLC, all of which are expected to be electrified and mining by the end of March 2023.
Bruce M. RodgersChairman and CEO of LM Funding commented, “We are pleased to announce that we have signed a new contract to host 500 bitcoin mining machines that will use a mix of behind-the-meter solar power and grid power. We expect to have all these machines fully electrified and operational by the end of March, giving LM Funding a capacity of approximately 370 petahashes. We look forward to bringing more machines online in the coming quarters, thus further providing the company bitcoin mining capacity.”
About LM Funding America
LM Funding America, Inc., (Nasdaq: LMFA) together with its subsidiaries, is a cryptocurrency mining operations that started Bitcoin mining i September 2022. The company also operates a technology-based special financing company that provides funds to non-profit community associations (associations) primarily located in the state Floridaas well as in the States Washington, Coloradoand Illinoisby financing a certain part of the associations’ rights to overdue accounts that are chosen by the associations as a result of unpaid association assessments.
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 denote forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but are rather 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, uncertainties created by the COVID-19 pandemic, the risks of entering into and operating in cryptocurrency mining operations, the capacity of our bitcoin mining machines and our related ability to purchase power at reasonable prices, e.ghe ability to finance our planned cryptocurrency mining, our ability to obtain new accounts in our specialty finance business at appropriate rates, the need for capital, our ability to hire and retain new employees, changes in government regulations affecting our ability to collect adequate amounts on delinquent consumer accounts, 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 significant negative effect on our business, financial position and operating results.
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SOURCE LM Funding America
