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 fireplace broke out on Sunday as a result of an “electrical switchgear failure,” forcing the corporate to de-energize your entire facility, based on a Securities and Alternate Fee (SEC) submitting.
The fireplace didn’t injury the mining rigs, and the corporate stated it will resume regular operations inside a “few weeks,” with out offering particular dates.
Greenidge disclosed the hearth on the Dresden, New York, facility in a latest SEC submitting. Supply: Greenidge
Greenidge’s Dresden website generates 106 megawatts of pure fuel vitality to energy its mining operations and machines co-hosted with NYDIG, based on TheMinerMag.
The downtime attributable to the hearth showcased the challenges of economic mining operations, which function on skinny margins and should climate provide chain points, excessive vitality 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 most recent headwinds to hit the mining trade are straining miners much more
Hashprice, a crucial metric for miner profitability that measures anticipated income 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 turn out to be unprofitable across the $40 PH/s stage. The hash value is again to about $39 PH/s on the time of this writing, based on Hashrate Index.
Bitcoin mining hash value August-November 2025. Supply: Hashrate Index
Stablecoin issuer Tether confirmed it shut down its mining operations in Uruguay on Tuesday, citing surging vitality prices as the principle motive for the exit.
The corporate was additionally in a dispute with an area state-owned vitality supplier over $4.8 million in unpaid vitality payments and costs.
Bitmain, one of many main mining {hardware} producers, is now underneath investigation by US officers over nationwide safety considerations.
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
