LM Funding America Doubles Hasrate to 560 PH/s with Oklahoma Mining Site Activation

LM Funding America has successfully deployed 432 PH/s of miners at its 15 MW mining site in Oklahoma, increasing its total fleet to 5,121 active miners and energized hashrate of approximately 560 PH/s. This expansion marks the achievement of the company's previously outlined objectives, and it plans to pursue additional mining sites aligned with its strategic investment criteria.

Introduction:
LM Funding America, a leading cryptocurrency mining and technology-based specialty finance company, has recently announced a strategic collaboration with Arthur Mining to support the development of a new 15 MW hosting site in Oklahoma [1]. This expansion marks a significant milestone for LM Funding America, increasing its total fleet of active miners to over 5,000 and boosting its hashrate to approximately 560 PH/s.

Expansion Details:
The collaboration between LM Funding America and Arthur Mining has resulted in the commitment of a $2.5 million loan to a joint venture, majority-owned by Arthur Mining, to accelerate the completion of the 15 MW hosting site. In exchange, LM Funding America will deploy approximately 3,000 of its Bitmain Antminer S19j Pro machines at the site upon completion, which is expected by the end of June 2024 [1]. The hosting agreement is expected to result in significant cost savings for LM Funding, with Arthur Mining hosting the machines at cost for approximately nine months.

Future Plans:
LM Funding America and Arthur Mining are also exploring the development of a new 60 MW hosting site adjacent to the current 15 MW site in Oklahoma City [1]. This expansion would provide LM Funding America with cost-effective, short and long-term solutions to host its mining machines, enabling the company to rapidly scale its cryptocurrency mining capabilities.

Expert Opinion:
Bruce Rodgers, CEO of LM Funding America, commented on the collaboration, stating, "We look forward to working with Arthur Mining to advance development of the new 15 MW hosting site, as well as the potential new 60 MW site. We believe these sites would provide us with cost-effective, short and long-term solutions to host our S19J Pros, allowing us to rapidly scale our cryptocurrency mining capabilities" [1].

Conclusion:
LM Funding America's strategic collaboration with Arthur Mining to develop a new 15 MW hosting site in Oklahoma marks a significant expansion for the company, increasing its total fleet of active miners and boosting its hashrate. With plans to explore the development of a new 60 MW site adjacent to the current one, LM Funding America is well-positioned to continue growing its cryptocurrency mining capabilities in a cost-effective and efficient manner.

References:
[1] LM Funding America, Inc. (2024, June 7). LM Funding America, Inc. Announces Strategic Collaboration with Arthur Mining to Support Development of New Hosting Sites with Dedicated Capacity Expected to Drive Revenue Growth and. GlobeNewswire. Retrieved from https://www.globenewswire.com/news-release/2024/06/07/2895376/0/en/LM-Funding-America-Inc-Announces-Strategic-Collaboration-with-Arthur-Mining-to-Support-Development-of-New-Hosting-Sites-with-Dedicated-Capacity-Expected-to-Drive-Revenue-Growth-and.html