Greenidge Technology Holdings, a Bitcoin (BTC) mining firm, disclosed {that a} fireplace broke out at its mining facility in Dresden, New York, the place it co-hosts operations with mining firm NYDIG.
The hearth broke out on Sunday attributable to an “electrical switchgear failure,” forcing the corporate to de-energize the complete facility, in keeping with a Securities and Alternate Fee (SEC) submitting.
The hearth didn’t harm the mining rigs, and the corporate stated it might resume regular operations inside a “few weeks,” with out offering particular dates.
Greenidge disclosed the fireplace on the Dresden, New York, facility in a latest SEC submitting. Supply: Greenidge
Greenidge’s Dresden web site generates 106 megawatts of pure gasoline power to energy its mining operations and machines co-hosted with NYDIG, in keeping with TheMinerMag.
The downtime attributable to the fireplace showcased the challenges of business mining operations, which function on skinny margins and should climate provide chain points, excessive power prices, tools failures, dwindling block rewards, and regulatory hurdles to stay worthwhile.
Associated: Bitdeer in flames: Ohio mining facility fireplace extends inventory sell-off
The newest headwinds to hit the mining trade are straining miners much more
Hashprice, a crucial metric for miner profitability that measures anticipated earnings per unit of computing energy, dropped to about $35 petahashes per second (PH/s) in November as BTC plunged to lows of about $80,000.
For context, mining operations usually develop into unprofitable across the $40 PH/s degree. The hash worth is again to about $39 PH/s on the time of this writing, in keeping with Hashrate Index.
Bitcoin mining hash worth August-November 2025. Supply: Hashrate Index
Stablecoin issuer Tether confirmed it shut down its mining operations in Uruguay on Tuesday, citing surging power prices as the principle motive for the exit.
The corporate was additionally in a dispute with a neighborhood state-owned power supplier over $4.8 million in unpaid power payments and costs.
Bitmain, one of many main mining {hardware} producers, is now beneath investigation by US officers over nationwide safety issues.
The officers are probing whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine proof-of-work (PoW) cryptocurrenccould be remotely accessed and used for espionageonage.
Bitmain is a Chinese language firm that has about an 80% market share of mining {hardware}, and any potential ban may make issues much more difficult for the mining trade.
Journal: Bitcoin mining trade ‘going to be useless in 2 years’: Bit Digital CEO
