Up to now, Firm has bought 5,000 Bitcoin S19J Professional AntMiners from Bitmain for $31.6 million
Firm anticipates 504 petahash capability in 2022
5,000 mining machines are estimated to generate roughly 1,200 Bitcoins per yr starting within the second quarter of 2022
TAMPA, Fla., Oct. 06, 2021 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ:LMFA) (“LM Funding” or “LMFA”) immediately introduced that it has additional expanded the scope of its cryptocurrency mining operations with the acquisition of an extra 4,000 S19J Professional Antminer Machines (S19J) (100 TH/s) (“Bitmain Miner Machines”) from Bitmain for a complete buy value of $25.3 million. Beforehand, the Firm introduced the acquisition of 1,000 Bitmain Miner Machines for a complete buy value of $6.3 million.
LMFA immediately introduced that it has positioned one other order for 4,000 Bitmain Miner Machines for a complete buy value of $25.3 million. The Bitmain S19J Professional Antminer Machines are a excessive effectivity, excessive hash charge machine mining SHA-256 algorithm produced by Bitmain that generates a most hash charge of 100 TH/s and has an influence consumption of three,000 KW/h. LMFA has paid deposits for the acquisition of the Bitmain Miner Machines and would require further financing for the steadiness of the acquisition value when due previous to supply.
LMFA anticipates that after all 5,000 machines are delivered and on-site, LMFA could have a complete of roughly 504 petahash of capability able to producing roughly 100 Bitcoin per thirty days primarily based on issue charges.1 The Firm expects all 5,000 newly bought miners might be operational by the third quarter of 2022.
LMFA additionally introduced that it has contracted with Miami primarily based Bit5ive subsidiary Uptime Armory LLC to fabricate 18 Pod5ive specialty containers and with Uptime Internet hosting LLC to accommodate LMFA’s mining machines. “The 1-megawatt POD5ive thought was born as a turnkey mining answer providing higher density with a smaller footprint and decrease price issue,” said Bit5ive CEO and Founder, Robert Collazo. “We now have designed an efficient crypto mining answer requiring minimal setup and seamless set up,” added Collazo. Bit5ive has agreed to host LMFA’s containers in one in all Bit5ive’s mining places within the Southeastern USA.
Bruce M. Rodgers, Chairman and CEO of LM Funding, commented, “In September, we started to buy Bitcoin mining machines as a cheap method to buy Bitcoin property at a risk-adjusted publicity to the ecosystem whereas producing optimistic working earnings. Our preliminary plans have expanded with the acquisition of an extra 4,000 miners at favorable costs. We plan to run all of our mining machines with low carbon vitality housed in customized constructed containers bought from Bit5ive.” Rodgers completed by stating, “As soon as put in, we presently anticipate these 5,000 mining machines may generate roughly 1,200 Bitcoins per yr starting within the second quarter of 2022.”
LMFA continues to pursue different alternatives to speed up the beginning of its mining operations.
1 Calculation is predicated on the operation of 5,040 miners with roughly 504,000 terahash working at a mixed community hashrate of 504 petahash.
About LM Funding America:
LM Funding America, Inc., along with its subsidiaries, is a technology-based specialty finance firm that gives funding to nonprofit group associations (Associations) primarily situated within the state of Florida, in addition to within the states of Washington, Colorado and Illinois, by funding a sure portion of the associations’ rights to delinquent accounts which are chosen by the Associations arising from unpaid Affiliation assessments. LMFA has additionally introduced that it’s coming into the cryptocurrency mining enterprise by a brand new subsidiary, US Digital Mining and Internet hosting Co., LLC.
This press launch could include forward-looking statements made pursuant to the Non-public Securities Litigation Reform Act of 1995. Phrases similar to “anticipate,” “consider,” “estimate,” “anticipate,” “intend,” “plan,” and “mission” and different related phrases and expressions are meant to indicate forward-looking statements. Ahead-looking statements are usually not guaranties of future outcomes and situations however somewhat are topic to varied dangers and uncertainties. A few of these dangers and uncertainties are recognized within the firm’s most up-to-date Annual Report on Type 10-Okay and its different filings with the SEC, which can be found at www.sec.gov. These dangers and uncertainties embrace, with out limitation, uncertainty created by the COVID-19 pandemic, the dangers of coming into into and working within the cryptocurrency mining enterprise, the flexibility to finance our deliberate cryptocurrency mining operations, our capacity to accumulate new accounts in our specialty finance enterprise at acceptable costs, the necessity for capital, our capacity to rent and retain new staff, adjustments in governmental rules that have an effect on our capacity to collected ample quantities on defaulted client receivables, adjustments within the credit score or capital markets, adjustments in rates of interest, and destructive press concerning the debt assortment business. The prevalence of any of those dangers and uncertainties may have a cloth antagonistic impact on our enterprise, monetary situation, and outcomes of operations.