Fire breaks out at Greenidge mining facility co-hosting NYDIG rigs

Greenidge Generation Holdings, a Bitcoin (BTC) mining company, disclosed that a occurrence broke retired astatine its mining installation successful Dresden, New York, wherever it co-hosts operations with mining institution NYDIG.

The occurrence broke retired connected Sunday owed to an “electrical switchgear failure,” forcing the institution to de-energize the full facility, according to a Securities and Exchange Commission (SEC) filing.

The occurrence did not harm the mining rigs, and the institution said it would resume mean operations wrong a “few weeks,” without providing circumstantial dates.

Greenidge disclosed the occurrence astatine the Dresden, New York, installation successful a caller SEC filing. Source: Greenidge

Greenidge’s Dresden tract generates 106 megawatts of earthy state vigor to powerfulness its mining operations and machines co-hosted with NYDIG, according to TheMinerMag.

The downtime caused by the occurrence showcased the challenges of commercialized mining operations, which run connected bladed margins and indispensable upwind supply concatenation issues, precocious vigor costs, instrumentality failures, dwindling artifact rewards, and regulatory hurdles to stay profitable.

Related: Bitdeer successful flames: Ohio mining installation occurrence extends banal sell-off

The latest headwinds to deed the mining manufacture are straining miners adjacent more

Hashprice, a captious metric for miner profitability that measures expected profits per portion of computing power, dropped to astir $35 petahashes per 2nd (PH/s) successful November arsenic BTC plunged to lows of astir $80,000.

For context, mining operations typically go unprofitable astir the $40 PH/s level. The hash terms is backmost to astir $39 PH/s astatine the clip of this writing, according to Hashrate Index. 

Bitcoin mining hash terms August-November 2025. Source: Hashrate Index

Stablecoin issuer Tether confirmed it shut down its mining operations successful Uruguay connected Tuesday, citing surging vigor costs arsenic the main crushed for the exit.

The institution was besides successful a quality with a section state-owned vigor supplier implicit $4.8 cardinal successful unpaid vigor bills and fees.

Bitmain, 1 of the starring mining hardware manufacturers, is present under probe by US officials implicit nationalist information concerns.

The officials are probing whether Bitmain’s application-specific integrated circuits (ASICs), the hardware utilized to excavation proof-of-work (PoW) cryptocurrenccould beryllium remotely accessed and utilized for espionageonage.

Bitmain is simply a Chinese institution that has astir an 80% marketplace stock of mining hardware, and immoderate imaginable prohibition could marque things adjacent much challenging for the mining industry.

Magazine: Bitcoin mining manufacture ‘going to beryllium dormant successful 2 years’: Bit Digital CEO