Bitcoin mining firm Power Compute pledges 307 BTC to restructure $18 million debt

BlockBeats News, August 6th, Bitcoin mining firm PowerCompute restructured three loans totaling $18 million through Arch Lending, using 307 BTC held in reserve as collateral, replacing previous loans from institutions such as Galaxy Digital.

The new financing utilizes a non-recourse, 30-day revolving structure with a current annualized interest rate of about 2%, lower than the 12% on some of the old loans, allowing the company to reduce interest expenses without selling Bitcoin.