PowerCompute (Nasdaq: PWCM) announced its third-quarter results today: it mined 23.9 bitcoins in the quarter, up about 36% year over year. However, the average price of the coins it mined was about 37.5% lower, and revenue still fell from $2.2 million in the same quarter last year to $1.9 million.
In November, the company also spent about $1 million in cash to buy 600 Bitmain S21++ machines, which it plans to bring online in mid-December. The company expects them to boost its hashrate by about 10%. In the third quarter, it also cut its secured debt by 94% and no longer uses bitcoin as collateral. Its mining margin rose from 29.0% in the second quarter to 50.7%.
The company’s reported profit (about $400,000, or $0.20 per share) was mainly driven by a fair-value gain resulting from a roughly 43% rise in the price of bitcoin during the quarter—not by an increase in mining revenue itself.
$PWCM #Bitcoin
In November, the company also spent about $1 million in cash to buy 600 Bitmain S21++ machines, which it plans to bring online in mid-December. The company expects them to boost its hashrate by about 10%. In the third quarter, it also cut its secured debt by 94% and no longer uses bitcoin as collateral. Its mining margin rose from 29.0% in the second quarter to 50.7%.
The company’s reported profit (about $400,000, or $0.20 per share) was mainly driven by a fair-value gain resulting from a roughly 43% rise in the price of bitcoin during the quarter—not by an increase in mining revenue itself.
$PWCM #Bitcoin
