USA, New York, Dresden: Greenidge Generation Holdings has temporarily shut down its Bitcoin mining facility in Dresden, New York, after a fire broke out on 30 November. According to a filing with the US Securities and Exchange Commission, the incident was caused by an electrical switchgear failure, prompting the company to de-energise the entire plant as a safety measure.
The Dresden site, which generates around 106 MW of natural-gas power for mining activities, hosts both Greenidge’s own equipment and machines operated by NYDIG. Although the fire did not damage the mining rigs, the facility has remained offline since the incident. Greenidge said it expects to restore full operations “within a few weeks,” though no exact timeline has been given.
The outage comes at a challenging moment for miners. Sector profitability has been pressured by volatile Bitcoin prices, rising energy costs and a significant drop in hashprice, which recently recovered to around $39 per PH/s, still below the breakeven point for many operators.
The incident follows a series of developments across the Bitcoin mining industry. Tether recently closed its mining operations in Uruguay due to soaring electricity costs and a billing dispute, while US authorities have reportedly launched an investigation into Bitmain over national security concerns related to its ASIC manufacturing business.
Meanwhile, CleanSpark reported a strong fiscal year, with revenues rising 102 % to $766.3 M and net income reaching $364.5 M , marking a major turnaround from last year’s losses.
Source: CryptoRank
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