June 07, 2024
LM Funding America, Inc., a firm specializing in cryptocurrency mining and tech-focused financial services, declared a strategic partnership to assist Crypto Mining Site, Arthur Mining Inc. in the creation of a new 15 MW hosting site near Oklahoma City. As part of this collaboration, LM Funding has pledged to lend $2.5 million to a new joint venture, which is primarily owned by Arthur Mining and partially owned by another party, with the aim of expediting the completion of the 15 MW hosting site.
Project | Latest Raise | Latest Raise Date | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|
Arthur Mining | $2.5M | June 07, 2024 | $2.5M | LM Funding America, Inc. | Mining |
Under the terms of the agreement, the Company has secured a hosting contract with Arthur Mining to install around 3,000 of the Company’s Bitmain Antminer S19j Pro machines at the new hosting site, which is slated for completion by the end of June 2024. Arthur Mining has also committed to hosting these machines at cost for roughly nine months, a move that is anticipated to yield substantial cost savings for LM Funding. Moreover, LM Funding and Arthur Mining are considering the possibility of developing a new 60 MW site next to the existing 15 MW site in Oklahoma City, which would facilitate the economical installation of more mining machines for the Company.
The CEO of LM Funding, Bruce Rodgers, expressed enthusiasm about collaborating with Arthur Mining to expedite the development of the new 15 MW hosting site and potentially a new 60 MW site. He believes that these sites would offer cost-effective solutions for hosting their S19J Pros in the short and long term, enabling them to quickly expand their cryptocurrency mining operations. The partnership with Arthur Mining allows LM Funding to enjoy the advantages of vertical integration while staying focused on their main strengths and avoiding operational or integration risks. Specifically, they are excited to utilize Arthur Mining’s extensive hosting expertise and infrastructure to speed up growth and improve profitability.
About Arthur Mining
Arthur Mining is an energy-tech company founded by Brazilians and headquartered in the United States. They specialize in high-performance computing (HPC) and operate within the energy and cryptocurrency sectors. The company develops and operates high-performance computing data centers. They optimize the consumption of idle and undervalued energy through patented hardware solutions, infrastructure, and algorithms. They offer solutions and technologies in two verticals 1. Operations of energy generation and commercialization from hydroelectric plants, wind parks, and solar parks. 2. Operations of oil and landfills as the primary source of energy.
The CEO of Arthur Mining is Ray Nasser, an economist with over 15 years of experience in the financial market. The company functions like a fund where investors put money to set up the processing capacity necessary for mining digital assets and are remunerated by the results obtained3. Their mission is to enable the creation of alternative revenue streams for idle energy.
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About Investor
Investor: LM Funding America, Inc.
LM Funding America, Inc. is a technology-based specialty finance company1. It was formed in January 2008 and is based in Tampa, Florida2. The company operates with a strong cash position3 and is known for its diversified investment strategies. This is their legacy business that provides funding to nonprofit community associations through various financial products43. They purchase delinquent accounts from community associations and offer them a variety of financial products customized to their financial needs.
In addition to these, the company also engages in cryptocurrency mining through its subsidiary1. Their investment in Bitcoin mining has strategically helped them to remain debt-free in a volatile market3. They believe that their focus on Bitcoin mining will transform their overall business functionality and profitability.
Location: Tampa, FL
Website: https://www.lmfunding.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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