LM Funding Further Expands Planned Cryptocurrency Mining Business with Purchase of Additional 4,000 Antminers

Time:2022-01-06 Source: 795 views Trending Copy share

To date, Company has purchased 5,000 Bitcoin S19J Pro AntMiners from Bitmain for $31.6 million

Company anticipates 504 petahash capacity in 2022

5,000 mining machines are estimated to generate approximately 1,200 Bitcoins per year beginning in the second quarter of 2022

TAMPA, Fla., Oct. 06, 2021 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA) ("LM Funding" or "LMFA") today announced that it has further expanded the scope of its cryptocurrency mining operations with the purchase of an additional 4,000 S19J Pro Antminer Machines (S19J) (100 TH/s) (“Bitmain Miner Machines”) from Bitmain for a total purchase price of $25.3 million. Previously, the Company announced the purchase of 1,000 Bitmain Miner Machines for a total purchase price of $6.3 million.

LMFA today announced that it has placed another order for 4,000 Bitmain Miner Machines for a total purchase price of $25.3 million. The Bitmain S19J Pro Antminer Machines are a high efficiency, high hash rate machine mining SHA-256 algorithm produced by Bitmain that generates a maximum hash rate of 100 TH/s and has a power consumption of 3,000 KW/h. LMFA has paid deposits for the purchase of the Bitmain Miner Machines and will require additional financing for the balance of the purchase price when due prior to delivery.

LMFA anticipates that once all 5,000 machines are delivered and on-site, LMFA will have a total of approximately 504 petahash of capacity capable of generating approximately 100 Bitcoin per month based on difficulty rates.1 The Company expects all 5,000 newly purchased miners will be operational by the third quarter of 2022.

LMFA also announced that it has contracted with Miami based Bit5ive subsidiary Uptime Armory LLC to manufacture 18 Pod5ive specialty containers and with Uptime Hosting LLC to house LMFA’s mining machines. "The 1-megawatt POD5ive idea was born as a turnkey mining solution offering greater density with a smaller footprint and lower cost factor," stated Bit5ive CEO and Founder, Robert Collazo. "We have designed an effective crypto mining solution requiring minimal setup and seamless installation," added Collazo. Bit5ive has agreed to host LMFA’s containers in one of Bit5ive’s mining locations in the Southeastern USA.

Bruce M. Rodgers, Chairman and CEO of LM Funding, commented, “In September, we began to purchase Bitcoin mining machines as a cost-effective way to purchase Bitcoin assets at a risk-adjusted exposure to the ecosystem while generating positive operating income. Our initial plans have expanded with the purchase of an additional 4,000 miners at favorable prices. We plan to run all of our mining machines with low carbon energy housed in custom built containers purchased from Bit5ive.” Rodgers finished by stating, “Once installed, we currently anticipate these 5,000 mining machines could generate approximately 1,200 Bitcoins per year beginning in the second quarter of 2022.”

LMFA continues to pursue other opportunities to accelerate the start of its mining operations.

1 Calculation is based on the operation of 5,040 miners with approximately 504,000 terahash operating at a combined network hashrate of 504 petahash.

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