- The stock price of LM Funding America Inc (NASDAQ: LMFA) increased by over 19% pre-market today. This is why it happened.
The stock price of LM Funding America Inc (NASDAQ: LMFA) increased by over 19% pre-market today. Investors are responding positively to LM Funding America announcing 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) from Bitmain for a total purchase price of $25.3 million. And previously, the company had announced the purchase of 1,000 Bitmain Miner Machines for a total purchase price of $6.3 million.
LMFA also announced that it has placed another order for 4,000 Bitmain Miner Machines for a total purchase price of $25.3 million. And 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 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 is anticipating 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. And the company expects all 5,000 newly purchased miners will be operational by the third quarter of 2022.
Plus LMFA also revealed 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.
LMFA is continuing to pursue other opportunities to accelerate the start of its mining operations.
“The 1-megawatt POD5ive idea was born as a turnkey mining solution offering greater density with a smaller footprint and lower cost factor. 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.”
— Bit5ive CEO and Founder, Robert Collazo
“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.”
— Bruce M. Rodgers, Chairman and CEO of LM Funding
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