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Friday Nov 28 2025 19:40
2 min
Greenidge Generation Holdings, a Bitcoin (BTC) mining company, disclosed that a fire broke out at its mining facility in Dresden, New York, where it co-hosts operations with mining company NYDIG.
According to a Securities and Exchange Commission (SEC) filing, the fire broke out on Sunday due to an “electrical switchgear failure,” forcing the company to de-energize the entire facility. Thankfully, the fire did not damage the mining rigs.
Greenidge anticipates resuming normal operations within a “few weeks,” though specific dates were not provided. Greenidge’s Dresden site generates 106 megawatts of natural gas energy to power its mining operations and machines co-hosted with NYDIG, according to TheMinerMag.
The downtime caused by the fire underscores the significant challenges facing commercial mining operations, which operate on thin margins and must weather supply chain issues, high energy costs, equipment failures, dwindling block rewards, and regulatory hurdles to maintain profitability.
Recent headwinds facing the mining industry are further straining miners. Hashprice, a critical metric for miner profitability that measures expected profits per unit of computing power, dropped to approximately $35 per petahashes per second (PH/s) in November as BTC plunged to lows around $80,000. For context, mining operations typically become unprofitable around the $40 PH/s level. The hash price is currently around $39 PH/s at the time of this writing, according to Hashrate Index.
Stablecoin issuer Tether confirmed it shut down its mining operations in Uruguay on Tuesday, citing surging energy costs as the primary reason for the exit. The company was also in a dispute with a local state-owned energy provider over $4.8 million in unpaid energy bills and fees.
Bitmain, a leading mining hardware manufacturer, is now under investigation by US officials over national security concerns. Officials are probing whether Bitmain’s application-specific integrated circuits (ASICs), the hardware used to mine proof-of-work (PoW) cryptocurrencies, could be remotely accessed and used for espionage. Bitmain is a Chinese company with approximately an 80% market share of mining hardware, and any potential ban could further complicate matters for the mining industry.
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