Tampa bitcoin firm buys mining site for $7.3M

The recent surge in valuation of bitcoin to $100,000 has boosted the holdings of Tampa-based bitcoin mining firm LM Funding America. The company also recently bought another mining site.

LM Funding, which began bitcoin mining operations in September 2022, estimated its portfolio of 142.2 bitcoins through Nov. 30 were worth $14.2 million as of Dec. 6. The total amount of bitcoins in the company’s portfolio is up slightly over October, when it had 140.5, according to company data. The November figure is up 85.11% from November 2023, when it had 75.9 bitcoin.

Bitcoin has been especially volatile in recent weeks, reaching $103,493 on Dec. 5 before falling to under $93,000, according to Yahoo! Finance. Bitcoin, according to Google, was worth $96,372 as of mid-morning Tuesday. 

“LM Funding's commitment to enhancing operational efficiency while strategically managing its bitcoin assets allows it to focus on both mining productivity and asset retention,” the company says in a statement. “This strategy allows the company to position itself for sustained growth and resilience in the competitive cryptocurrency market.

LM Funding is also on the cusp of enhancing its bitcoin mining operations, with the recent acquisition of the business assets of a 15 MW mining site in Oklahoma from Tech Infrastructure, a joint venture majority-owned by Arthur Inc., for $7.3 million. LM Funding announced the acquisition in a separate statement. 

LM Funding, traded on the Nasdaq under the symbol LMFA, operates through two segments, specialty finance, mostly with nonprofit community associations, and mining operations. The company, founded in 2008, has approximately 5,880 miners. It went public in 2015 and expanded into cryptocurrency mining operations in September 2022. Shares were trading for $2.90 Tuesday.