To day, Business has actually bought 5,000 Bitcoin S19J Pro AntMiners from Bitmain for $31.6 million
Business prepares for 504 petahash capability in 2022
5,000 mining equipments are approximated to create about 1,200 Bitcoins annually start in the 2nd quarter of 2022
TAMPA FL, Fla., Oct. 06, 2021 (WORLD WIRE SERVICE)– LM Financing America, Inc. (NASDAQ: LMFA) (” LM Financing” or “LMFA”) today introduced that it has actually additionally increased the range of its cryptocurrency mining procedures with the acquisition of an extra 4,000 S19J Pro Antminer Devices (S19J) (100 TH/s) (” Bitmain Miner Machines”) from Bitmain for a complete acquisition rate of $25.3 million. Formerly, the Business introduced the acquisition of 1,000 Bitmain Miner Machines for a complete acquisition rate of $6.3 million.
LMFA today introduced that it has actually positioned an additional order for 4,000 Bitmain Miner Machines for a complete acquisition rate of $25.3 million. The Bitmain S19J Pro Antminer Devices are a high effectiveness, high hash price device mining SHA-256 formula created by Bitmain that produces an optimum hash price of 100 TH/s and also has a power usage of 3,000 KW/h. LMFA has actually paid down payments for the acquisition of the Bitmain Miner Machines and also will certainly call for added funding for the equilibrium of the acquisition rate when due before distribution.
LMFA prepares for that as soon as all 5,000 equipments are provided and also on-site, LMFA will certainly have an overall of about 504 petahash of capability efficient in producing about 100 Bitcoin monthly based upon problem prices. 1 The Business anticipates all 5,000 recently bought miners will certainly be functional by the 3rd quarter of 2022.
LMFA likewise introduced that it has actually acquired with Miami based Bit5ive subsidiary Uptime Depot LLC to make 18 Pod5ive specialized containers and also with Uptime Hosting LLC to house LMFA’s mining equipments. “The 1-megawatt POD5ive suggestion was birthed as a complete mining remedy offering higher thickness with a smaller sized impact and also reduced expense element,” mentioned Bit5ive Chief Executive Officer and also Creator, Robert Collazo. “We have actually developed an efficient crypto mining remedy needing marginal arrangement and also smooth setup,” included Collazo. Bit5ive has actually accepted host LMFA’s containers in among Bit5ive’s mining places in the Southeastern U.S.A..
Bruce M. Rodgers, Chairman and also Chief Executive Officer of LM Financing, commented, “In September, we started to buy Bitcoin mining equipments as an economical method to buy Bitcoin possessions at a risk-adjusted direct exposure to the environment while producing favorable operating earnings. Our first strategies have actually increased with the acquisition of an extra 4,000 miners at desirable rates. We prepare to run every one of our mining equipments with reduced carbon power housed in customized constructed containers bought from Bit5ive.” Rodgers ended up by mentioning, “As soon as set up, we presently prepare for these 5,000 mining equipments might create about 1,200 Bitcoins annually start in the 2nd quarter of 2022.”
LMFA remains to go after various other possibilities to speed up the beginning of its mining procedures.
1 Computation is based upon the procedure of 5,040 miners with about 504,000 terahash operating at a mixed network hashrate of 504 petahash.
Concerning LM Financing America:
LM Financing America, Inc., along with its subsidiaries, is a technology-based specialized financing business that gives financing to not-for-profit area organizations (Organizations) mostly situated in the state of Florida, in addition to in the states of Washington, Colorado and also Illinois, by moneying a particular part of the organizations’ legal rights to overdue accounts that are chosen by the Organizations developing from overdue Organization evaluations. LMFA has actually likewise introduced that it is going into the cryptocurrency mining service with a brand-new subsidiary, United States Digital Mining and also Hosting Co., LLC.
This news release might have positive declarations made according to the Personal Stocks Lawsuits Reform Act of 1995. Words such as “prepare for,” “think,” “quote,” “anticipate,” “plan,” “strategy,” and also “job” and also various other comparable words and also expressions are planned to represent positive declarations. Positive declarations are not warranties of future outcomes and also problems yet instead undergo numerous dangers and also unpredictabilities. Several of these dangers and also unpredictabilities are recognized in the business’s latest Yearly Record on Kind 10-K and also its various other filings with the SEC, which are readily available at www.sec.gov. These dangers and also unpredictabilities consist of, without constraint, unpredictability produced by the COVID-19 pandemic, the dangers of becoming part of and also operating in the cryptocurrency mining service, the capability to fund our intended cryptocurrency mining procedures, our capability to obtain brand-new accounts in our specialized financing service at proper rates, the demand for resources, our capability to work with and also preserve brand-new workers, adjustments in governmental policies that impact our capability to accumulated enough quantities on defaulted customer receivables, adjustments in the credit rating or resources markets, adjustments in rate of interest, and also adverse press concerning the financial obligation collection market. The event of any one of these dangers and also unpredictabilities might have a product unfavorable impact on our service, economic problem, and also outcomes of procedures.