TAMPA, FL, Sept. 26, 2022 (GLOBE NEWSWIRE) — 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 power our first machines in my home state of Kentucky,” said Bruce M. Rodgers, Chairman and CEO of LM Funding and a native of Bowling Green, Kentucky. “We plan to sell our mined Bitcoin to pay operating expenses and reinvest the balance in the purchase and operation of more Bitcoin mining machines.” Rodgers concluded by saying, “Bitcoin revenue generation marks the successful execution to date of our cryptocurrency mining business strategy and the next phase of growth for our company. We continue to believe that all 5,400 machines will be powered and expected to generate approximately 544 petahashes on an annual basis by December 31, 2022.”
The company also announced that it has also ordered 200 Bitmain S19 XP miners that have a hash rate of 140 TH/s and are expected to be delivered between December 2022 and January 2023.
About LM Funding America
LM Funding America, Inc., together with its subsidiaries, is a cryptocurrency mining company that began Bitcoin mining in September 2022. The company also operates a technology-based specialty financing company that provides financing to non-profit 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 selected 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 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, uncertainties created by the COVID-19 pandemic, the risks of entering into and operating in the cryptocurrency mining business, the ability of our bitcoin mining machines and our related ability to purchase electricity at reasonable prices, financial stability of mining machine hosting providers, the ability to f financing our planned cryptocurrency mining operations, our ability to obtain new accounts in our special financing business at appropriate rates, our need for capital, our ability to hire and retain new employees, changes in government regulations affecting our ability to collect sufficient amounts on defaulted consumer claims, 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.
Consult:
Crescendo Communications, LLC
Phone: (212) 671-1021
Email: [email protected]
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