LM Funding America Announces LOI To Acquire A Mining Facility With 72 MW Potential, No Terms Disclosed; Estimates That The Value Of Its 132.5 Bitcoin Holdings On July 31, 2024, Was ~$8.1M

Author: Benzinga Newsdesk | August 12, 2024 08:43am

Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, "Our potential hashrate remains static at 639 petahash, while our decreased production reflects that we have 2,080 miners currently in transit to a new hosting location. The Company is pleased to announce a nonbinding Letter of Intent to acquire a mining site in Texas. This site offers 12 MW of initial power capacity with the potential for an additional 60 MW expansion." Rodgers continued, "We believe that this acquisition, if completed, will provide us with a cost-effective location to energize all our existing machines. The mining site is currently generating 55 petahash of mining capacity using immersion mining techniques. Our primary goal with this acquisition is to invest capital to mine the full potential 72 megawatts."

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