12:12 PM EDT, 06/07/2024 (MT Newswires) -- LM Funding America ( LMFA ) said Friday it has entered into a strategic collaboration with Arthur Mining to support the development of a new hosting site near Oklahoma City, Oklahoma.

The company has committed to loaning $2.5 million to a new joint venture, majority-owned by Arthur Mining and co-owned by a third-party, to speed up the development of the 15 MW hosting site, LM Funding said.

LM Funding said it will deploy 3,000 Bitmain Antminer S19j Pro mining machines at the new hosting site and Arthur Mining will host the machines at cost for nine months as part of the deal.

Both companies also plan to explore the development of a new 60 MW site next to the current 15 MW site in Oklahoma City for more mining machines, the cryptocurrency mining company said.

Shares of LM Funding were up 22% in recent trading.

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