PowerCompute has removed Bitcoin from its secured-debt structure while preparing to push more of its owned electrical capacity into mining. The company said its subsidiary fully repaid and terminated a Bitcoin-backed credit facility with Arch Lending, satisfying about $22.45 million of obligations and releasing all remaining Bitcoin collateral.
The September 24 settlement used about 267.3 of the 307 pledged Bitcoin to cover $21.89 million of principal, $118,582 of accrued interest and a $440,122 fee. Approximately 39.6 BTC was returned to PowerCompute. The company said no Bitcoin remains pledged.
That transaction reduced secured debt from approximately $19.4 million at June 30 to about $1.25 million, a decline of roughly 94%. Independent coverage also reported that the remaining secured borrowing is a single promissory note maturing December 31, 2026 and is not backed by Bitcoin.
Wu Blockchain highlighted the restructuring and expansion plan on September 30, noting both the returned Bitcoin and PowerCompute’s target of lifting active mining hashrate toward 964 PH/s.
Power Moves Back to Productive Mining Assets
PowerCompute owns 26 MW of interconnected electrical capacity across Calumet, Oklahoma and Columbus, Mississippi. About 22.5 MW primarily supports Bitcoin mining, with part of the infrastructure allocated to an enterprise HPC pilot. The company says its blended power cost, net of power sales, is approximately 3.3 cents per kilowatt-hour.
The next expansion is designed around infrastructure PowerCompute already owns. At Columbus, the company plans to deploy new mining equipment across approximately 3.5 MW of interconnected but not-yet-energized capacity. At Calumet, it intends to continue replacing older miners with newer, more efficient machines.
PowerCompute reported about 763 PH/s of active hashrate as of August 31. After the Columbus deployment and continued Oklahoma fleet modernization, it expects approximately 964 PH/s. That would be an increase of about 201 PH/s, or roughly 26% from the August level. Using the company’s June 30 reference of 771 PH/s, the projected increase is approximately 25%.
The fleet-upgrade strategy mirrors a wider industry focus on extracting more hashrate from existing electrical infrastructure. BitcoinVersus.Tech recently examined how Braiins is automating ASIC power targets and why large amounts of installed ASIC capacity can sit idle when economics and infrastructure do not line up.
Bitcoin Mining and HPC Compete for the Same Megawatt
The debt change also clarifies PowerCompute’s strategy. Management says it will no longer pursue a leveraged Bitcoin treasury model. Instead, Bitcoin will be treated as working capital for equipment purchases, operating requirements and growth initiatives.
At the infrastructure level, PowerCompute views Bitcoin mining and HPC or AI as alternative ways to monetize the same electrical capacity. Mining can absorb available power quickly and curtail when power sales become more attractive. HPC can potentially generate more revenue per megawatt, but it also requires customers, sustained uptime and additional infrastructure.
That tradeoff is increasingly visible across the sector. Bitcoin miners are shifting some megawatts from ASICs toward AI, forcing operators to compare the economics of flexible mining loads with longer-duration compute contracts.
PowerCompute’s restructuring puts that comparison on a simpler balance sheet. Instead of pledging Bitcoin to support debt, the company is emphasizing owned power, fleet efficiency and optionality between mining and HPC. The next test is operational: whether the planned Mississippi deployment and Oklahoma upgrades can convert the released balance-sheet capacity into the projected 964 PH/s.
BitcoinVersus.Tech
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