LM Funding America, Inc. (LMFA) stock was rising today following the announcement of the expansion of the cryptocurrency mining business. LMFA stock price saw a push of 0.89% to reach $4.49 a share at the time of this writing. The trading volume as of now was 7,229,649, far higher than the average volume. Let’s dig in to explore more of it.
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LMFA stock today announced the expansion of the scope of its cryptocurrency mining operations Via the purchase of additional 4,000 S19J Pro Antminer Machines (S19J) (100 TH/s). The company purchased these machines from Bitmain, and the total purchase price was $25.3 million. The company previously announced the purchase of 1,000 Bitmain Miner Machines for a $6.3 million purchase price.
The machines that LMFA stock purchased provides high efficiency, having a maximum hash rate machine mining SHA-256 algorithm. Each machine has a power consumption of 3,000 KW/h. LMFA has paid deposits and will require additional financing for the completion of a transaction.
LMFA stock is anticipating delivery of 5,000 machines on site. After this delivery, LM Funding will have a capacity of 504 petahash. The company is anticipating that its newly purchased mining machines will be operational by the third quarter of the next year i.e. 2022.
Further Contracts of LMFA stock:
LMFA stock also reported that it has signed the agreement with Miami-based Bit5ive subsidiary Uptime Armory LLC for the manufacturing of 18 Pod5ive specialty containers. The company contracted with Uptime Hosting LLC to house mining machines of LMFA stock.
Financial View of LMFA stock:
LM Funding announced financial results for the second quarter and first half of 2021 on August 16, 2021, according to which
- Net income for the second quarter of 2021 was $11.1 million or $2.05 per basic and diluted share. In the first half of 2021, LM Funding generated a net income of $15.5 million or $2.96 per basic and $2.95 per diluted share.
- The company reported increased cash of $22.2 million or 4.09 per basic and diluted share by the end of the recently reported quarter. By the end of December 2020, the company had $11.6 million in cash.
- By the end of the second quarter, LM Funding reported working capital of $29.7 million or $5.49 per basic and diluted share.
LM Funding stock got hype after its recent announcement of the expansion of cryptocurrency business. This reflects the positive operational growth of the company. Hence it can be a good bet for investors in the long run.