LM Funding America, Inc. Expands Contract with Core Scientific to Host Additional 900 Bitcoin Mining Machines
Additional Mining Machines Expected to be Electrified and Mining by the End of April 2023
TAMPA, Fla., April 12, 2023 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a cryptocurrency mining and technology-based specialty finance company, today announced that the Company has expanded its contracts with Core Scientific ("Core") under which Core will host an additional 900 of its bitcoin mining machines for the Company, all of which are expected to be electrified and mining by the end of April 2023.
Bruce M. Rodgers, Chairman, and CEO of LM Funding commented, "We are happy that we have reached an agreement to expand our business relationship with Core to host an additional 900 bitcoin mining machines, bringing the total number of machines hosted by Core to approximately 3,900. We expect to have these additional machines fully electrified and operational by the end of April, providing LM Funding with a total mining capacity of approximately 400 petahash from the machines hosted by Core. The addition of these machines brings the total number of mining machines electrified, and mining for the Company, to approximately 4,600, providing LM Funding with a total mining capacity of approximately 470 petahash."
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.
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, uncertainty created by the COVID-19 pandemic, the risks of entering into and operating in the cryptocurrency mining business, the capacity of our bitcoin mining machines and our related ability to purchase power at reasonable prices, and the ability to finance our planned cryptocurrency mining operations. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
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SOURCE LM Funding America
Released April 12, 2023