PowerCompute produces 23.9 bitcoin in third quarter, up 35.8% year over year
Key Facts
PowerCompute produced about 23.9 bitcoin in the third quarter of 2026, up 35.8% from the same period in 2025, according to a company statement issued on November 13. The growth put production at the forefront of its reported operating results for the quarter. Mining operations also contributed revenue beyond the bitcoin mined, through curtailment and energy sales. The company said that revenue reached about $304,000 during the quarter, compared with about $152,000 in the third quarter of 2025. It attributed the increase mainly to curtailment linked to summer heat at its Oklahoma site.
The year-over-year comparison shows third-quarter production rising by more than a third from a year earlier, while revenue from curtailment and energy sales nearly doubled during the period. The company statement tied this additional revenue source to operating conditions at its Oklahoma site during the summer months. In a September update, PowerCompute said it generated about $89,000 from energy sales that month and about $312,000 during the three months ended September 30. It attributed the energy sales then to curtailment caused by seasonal heat at its Oklahoma and Mississippi sites. The figures show energy returns contributing alongside mining to the company's operating results.
The company produced 8.1 bitcoin in September, up 37% year over year and 2.7% from August, according to its operational update for that month. August production was 7.9 bitcoin, compared with 5.9 bitcoin in September 2025. In October, PowerCompute produced 9.0 bitcoin, up 20% from the same month a year earlier and 11.1% from September, according to an EL7 story published on November 10. These monthly results come amid the production growth recorded in the third quarter, with the monthly figures and quarterly result using different comparison bases. The company also reported in its October update that it had installed about 900 more efficient mining rigs on its existing 26 megawatts of capacity.
The active mining rate was about 800 petahashes per second on October 31, compared with about 718 petahashes per second on September 30, an increase of 11.4%, the company said. It said the increase followed the installation of more efficient rigs on existing capacity, without adding megawatts in October. The equipment upgrade was expected to raise the hash rate by about 39% for each replaced rig, according to an earlier announcement in September. In its October update, the chief executive said the company was funding the upgrade with available bitcoin and cash, adding: "We are funding the fleet upgrade with available bitcoin and cash, not new debt." This frames the expansion of operating capacity as a way to increase the productivity of existing infrastructure while avoiding borrowing to fund equipment.
On financing, PowerCompute used 267.4 bitcoin in September to repay about $22.45 million of outstanding principal and interest, according to its announcement that month. Secured debt fell from $23.70 million before repayment to $1.25 million afterward. The company said the repayment fully retired the facility, reducing its bitcoin-backed liabilities. In October, it held 65.7 bitcoin, with an estimated value of about $5.1 million based on a price of about $77,000 per coin. That balance provides a dated snapshot of the company's holdings after the repayment announced in September.
In its second-quarter results, revenue was $2.1 million, in line with the first quarter and up 9.8% year over year, the company said. It attributed the annual increase in part to a higher number of mining rigs in operation, while a lower bitcoin price offset some of the impact of the additional rigs. The comparison highlights that growth in the amount of bitcoin produced alone does not determine the course of quarterly revenue, as the company's performance is also affected by the asset's price, operating costs and energy revenue. In a September update, the chief executive said the company directs each megawatt to the use it considers best on a risk-adjusted return basis, whether bitcoin mining, energy sales, or high-performance computing and artificial intelligence as the project evolves. He added: "We intend to direct each megawatt to the use we believe offers the best risk-adjusted return."
PowerCompute scheduled a call to discuss its third-quarter results for November 13, 2026, at 8:30 a.m. Eastern time. Its earlier announcement said the results and presentation would be published on the morning of the call before it began. The scheduled call is the company's next announced milestone concerning quarterly results. The call is expected to allow discussion of the period's operating and financial performance. The announcement of the call did not include an additional figure for future production expectations.