NEWS
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended July 31, 2024; Announces LOI to Acquire a Mining Facility with 72 MW Potential
LM Funding America, Inc. (NASDAQ: LMFA) provided a Bitcoin mining update for July 31, 2024. The company held 132.5 BTC, valued at approximately $8.1 million. LMFA announced a Letter of Intent to acquire a mining site in Texas with 12 MW initial capacity and 60 MW expansion potential. The site currently generates 55 petahash using immersion mining. LMFA secured a $5 million non-convertible loan to acquire additional miners and infrastructure. The company aims to leverage its Bitcoin holdings to finance 72 MW of market-priced power for mining or grid resale. This acquisition provides a home for LMFA's existing fleet and introduces immersion mining advantages.
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