Greenidge Era Holdings, a Bitcoin (BTC) mining firm, revealed {that a} fireplace broke out at its mining facility in Dresden, New York, the place it co-organizes operations with mining firm NYDIG.
The hearth occurred Sunday as a consequence of an “electrical change failure,” forcing the corporate to close down the whole facility, in keeping with a Securities and Trade Fee (SEC) doc.
The hearth didn’t harm the mining rigs and the corporate mentioned it could resume regular operations inside “a couple of weeks,” with out offering particular dates.
Greenidge disclosed the fireplace on the Dresden, New York, facility in a latest submitting with the SEC. Fountain: Greenidge
Greenidge’s Dresden web site generates 106 megawatts of pure gasoline energy to energy its mining operations and co-hosted machines with NYDIG, in keeping with TheMinerMag.
The downtime attributable to the fireplace highlighted the challenges of business mining operations, which function on skinny margins and should overcome provide chain points, excessive power prices, tools failures, dwindling block rewards and regulatory hurdles to stay worthwhile.
Associated: Bitdeer on fireplace: Ohio mining facility fireplace extends inventory sell-off
Newest headwinds affecting the mining business are placing additional stress on miners
Hashprice, a vital metric for miner profitability that measures anticipated income per unit of computing energy, fell to round $35 petahashes per second (PH/s) in November as BTC fell to lows of round $80,000.
To place it in context, mining operations sometimes develop into unprofitable across the $40 PH/s degree. The hash value has returned to roughly $39 PH/s on the time of writing, in keeping with Hashrate Index.
Bitcoin mining hash value August-November 2025. Supply: Hash charge index
Stablecoin issuer Tether confirmed that it closed its mining operations in Uruguay on Tuesday, citing rising power prices as the principle purpose for the exit.
The corporate was additionally in a dispute with an area state power provider over $4.8 million in unpaid power payments and charges.
Bitmain, a number one mining {hardware} producer, is now below investigation by US officers on nationwide safety grounds.
Officers are investigating whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine proof-of-work (PoW) cryptocurrencies, will be remotely accessed and used for espionage.
Bitmain is a Chinese language firm that has roughly an 80% market share in mining {hardware}, and any potential ban may make issues much more sophisticated for the mining business.
Journal: Bitcoin mining business ‘will likely be lifeless in 2 years’: Bit Digital CEO
