Nasdaq-listed miner PowerCompute reported that it produced 8.1 BTC in September, up 37% from a year earlier. During the month, the company used 267.4 BTC to repay a bitcoin-backed credit facility with Arch, removing about $22.45 million in debt obligations. As a result, its secured debt fell from roughly $23.7 million to $1.25 million.
By the end of September, PowerCompute’s bitcoin holdings had dropped to 63.7 BTC from 323.02 BTC at the end of August. Management said the move was aimed at eliminating debt with bitcoin rather than taking on financing costs.
The company also said it operates 26 megawatts of interconnected power infrastructure in Oklahoma and Mississippi and is exploring a shift toward high-performance computing and AI-related infrastructure. During a period of seasonal heat, it generated about $89,000 in revenue by selling electricity back to the grid, according to the report cited by Techub News.
Nasdaq-listed mining company PowerCompute produced 8.1 BTC in September, up 37% from the same month last year, according to Techub News, which cited NewsBTC.
During the month, the company used 267.4 BTC to repay a bitcoin-backed credit facility with Arch. That removed about $22.45 million in debt obligations and reduced its secured debt from roughly $23.7 million to $1.25 million.
Bitcoin holdings fell by the end of the month
As of the end of September, PowerCompute held 63.7 BTC, down sharply from 323.02 BTC at the end of August.
Company management said the move was intended to eliminate debt with bitcoin rather than incur financing costs.
Company is exploring HPC and AI infrastructure
PowerCompute also operates 26 megawatts of interconnected power infrastructure in Oklahoma and Mississippi and is exploring a transition toward high-performance computing and AI-related infrastructure.
During a period of seasonal heat, the company generated about $89,000 in revenue by selling electricity back to the grid.
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