Shares of technology-based specialty finance company LM Funding America, Inc. (LMFA) were up more than 50 percent in pre-market trade. LMFA had some time ago announced that it was entering the cryptocurrency mining business through a new subsidiary, US Digital Mining and Hosting Co., LLC. The rally is most likely attributed to the surge in prices of cryptocurrencies, especially Bitcoin.
Bitcoin prices has surged to close to $60,000 on expectations that the SEC would be soon allowing Bitcoin Futures ETF. The Florida-based company had in the past fortnight announced a further expansion in the scope of its cryptocurrency mining operations with the purchase of an additional 4,000 S19J Pro Antminer Machines from Bitmain for a total purchase price of $25.3 million.
The company began to purchase Bitcoin mining machines as a cost-effective way to purchase Bitcoin assets. LMFA anticipates that once all 5,000 machines are delivered and on-site, it would have a total of approximately 504 petahash of capacity capable of generating about 100 Bitcoin per month based on difficulty rates.
The company expects all the 5,000 newly purchased miners will be operational by the third quarter of 2022. LMFA has also announced that it has contracted with Miami based Bit5ive subsidiary Uptime Armory LLC to manufacture 18 Pod5ive specialty containers and with Uptime Hosting LLC to house LMFA's mining machines.
Shares of LM Funding America were trading in pre-market at $5.25, up $1.81 or 52.62 percent from previous close.
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