LM Funding America orders 270 Bitmain S21+ miners to enhance capacity at its Oklahoma site, increasing total hashrate to 562 petahash.
Quiver AI Summary
LM Funding America, Inc. has announced a new order for 270 Bitmain S21+ mining machines, set to arrive in March 2025 and to be deployed at its new 15MW mining site in Oklahoma. This expansion is expected to boost the company's total mining capacity by approximately 58 petahash, raising its active hashrate to 562 petahash in January 2025 following the relocation of existing machines. LM Funding, which began Bitcoin mining operations in September 2022, also operates a specialty finance business that serves nonprofit community associations primarily in Florida and other select states. The press release highlights various risks associated with the cryptocurrency mining industry, including operational uncertainties and regulatory challenges.
Potential Positives
- Announcement of a new order for 270 Bitmain S21+ mining machines is a significant investment in expanding cryptocurrency mining capabilities.
- The addition of approximately 58 petahash to the company's mining capacity is a noteworthy enhancement that could improve operational efficiency and revenue potential.
- The new mining site in Oklahoma indicates strategic growth and the potential for greater operational scale in the cryptocurrency market.
- The expected total active hashrate increase to 562 petahash demonstrates the company's commitment to expanding its mining operations and its overall competitiveness in the industry.
Potential Negatives
- The company relies heavily on forward-looking statements which highlight risks and uncertainties, indicating a lack of guaranteed success for its new mining operations.
- The potential need for additional capital in the future raises concerns about financial stability and growth prospects.
- Participation in the volatile cryptocurrency mining industry exposes the company to significant operational and market risks that could adversely affect its business outcomes.
FAQ
What recent order did LM Funding America announce?
LM Funding announced a new order for 270 Bitmain S21+ mining machines.
When will LM Funding receive the new mining machines?
The new mining machines are expected to be received in March 2025.
How will the new machines affect LM Funding’s mining capacity?
The new machines will increase LM Funding’s total mining capacity by approximately 58 petahash.
Where will the new mining machines be located?
The new mining machines will be placed at LM Funding's 15MW mining site in Oklahoma.
What is LM Funding America's primary business?
LM Funding America primarily operates as a cryptocurrency mining business and a specialty finance company.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LMFA Insider Trading Activity
$LMFA insiders have traded $LMFA stock on the open market 14 times in the past 6 months. Of those trades, 1 have been purchases and 13 have been sales.
Here’s a breakdown of recent trading of $LMFA stock by insiders over the last 6 months:
- RYAN H DURAN (Vice President of Operations) has traded it 13 times. They made 0 purchases and 13 sales, selling 6,500 shares.
- ANDREW L. GRAHAM purchased 10,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LMFA Hedge Fund Activity
We have seen 5 institutional investors add shares of $LMFA stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC added 277,000 shares (+inf%) to their portfolio in Q3 2024
- VIRTU FINANCIAL LLC removed 21,604 shares (-100.0%) from their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 6,986 shares (+25.0%) to their portfolio in Q3 2024
- UBS GROUP AG removed 5,118 shares (-100.0%) from their portfolio in Q3 2024
- GROUP ONE TRADING, L.P. removed 1,567 shares (-98.8%) from their portfolio in Q2 2024
- GEODE CAPITAL MANAGEMENT, LLC removed 1,009 shares (-2.3%) from their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) removed 179 shares (-10.7%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Tampa, FL, Dec. 27, 2024 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today announced a new order with Bitmain for 270 Bitmain S21+ mining machines.
Bruce M. Rodgers, Chairman and CEO of LM Funding commented, “These new miners will be received in March 2025 and will be placed at our new 15MW Oklahoma Mining site. We anticipate that this will increase our total mining capacity by approximately 58 petahash. After we move our existing machines from storage into open slots at the Oklahoma mining site, we expect that our total active hashrate in January 2025 will increase to 562 petahash between our mining capacity at our owned site in Oklahoma and our mining capacity hosted with Core.”
About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), 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 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 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 the risk that the expected benefits from the above-described acquisition to the Company will not be realized or will not be realized within the expected time periods, the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance our planned cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collect sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, negative press regarding the debt collection industry, and the risk of pandemics such as the COVID-10 pandemic. 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, LLC
Tel : (212) 671-1021
Email: LMFA@crescendo-ir.com
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
