09:56 AM EDT, 08/12/2024 (MT Newswires) -- LM Funding America ( LMFA ) said Monday it mined 4.6 bitcoins in July, down from 5.4 in June.

The miner's total bitcoin holdings were 132.5 as of July 31, worth about $8.1 million, LM Funding said.

The company's Bitcoin production decreased in July as a result of 2,080 miners being in transit to a new hosting location, LM Chief Executive Bruce M. Rodgers said in a statement.

Meanwhile, LM said it signed a nonbinding letter of intent to acquire a Texas mining site with an initial power capacity of 12 megawatts, potentially expandable to 72 MW.

The company said it secured a $5 million non-convertible loan to finance the acquisition of additional miners and infrastructure to support its expansion.

LM shares were down 4.3% in recent trading.

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