PowerCompute Refinances Debt with Bitcoin as Collateral

PowerCompute, Inc., an energy company based in Tampa, Florida, has reported its bitcoin mining and sales figures for July. The company mined 7.9 BTC during this period, a decrease from 8.7 BTC mined in June. Revenue from curtailment and energy sales was $91,000.

The company sold 11.1 BTC in July, down from 13.1 BTC sold in the previous month. As of July 31, PowerCompute held approximately $20.2 million worth of bitcoin in its treasury, based on a price of $64,000 per coin. The company's total bitcoin holdings are valued at around $21.5 million as of August 19.

PowerCompute has been using its bitcoin as collateral to refinance approximately $18 million of debt into a single facility with Arch Lending. This arrangement allows the company to leverage its cryptocurrency holdings rather than selling them to service debt.