Bitcoin (BTC) mining firm Greenidge Technology Holdings has introduced {that a} fireplace has damaged out at a mining facility in Dresden, New York, which it collectively operates with mining firm NYDIG.
The hearth began Sunday as a consequence of a “energy switchboard failure,” forcing the corporate to close off energy to your entire facility, in accordance with a submitting with the Securities and Alternate Fee.
The hearth didn’t trigger any harm to the mining rig, and the corporate stated it could resume regular operations inside “a couple of weeks”, with out giving a particular date.
Greenwich disclosed a hearth at its Dresden, New York, facility in a latest SEC submitting. sauce: greenwich
In line with TheMinerMag, Greenidge’s Dresden facility generates 106 megawatts of pure gasoline vitality to energy mining operations and equipment co-hosted with NYDIG.
The downtime brought on by the fireplace highlighted challenges for industrial mining operations. Mining operations function on skinny margins and should overcome provide chain points, excessive vitality prices, gear failures, declining block rewards, and regulatory hurdles to stay worthwhile.
Associated: BitDeer in flames: Share value decline widens as a consequence of fireplace at mine facility in Ohio
Latest headwinds hitting the mining business are including to the pressure on miners
Hashprice, a key metric of miner profitability that measures anticipated revenue per unit of computing energy, fell to round 35 petahashes per second (PH/s) in November as BTC plummeted to a low of round $80,000.
For context, mining operations sometimes turn out to be unprofitable across the $40 per second degree. As of this writing, hash costs are again to round $39/sec, in accordance with Hashrate Index.
Bitcoin Mining Hash Costs August to November 2025. supply: hash charge index
Stablecoin issuer Tether confirmed on Tuesday that it had halted its mining operations in Uruguay, citing rising vitality prices as the principle cause 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 at the moment beneath investigation by US authorities as a consequence of nationwide safety considerations.
Officers are investigating whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine cryptocurrency proof-of-work (PoW), might be remotely accessed and used for espionage.
Bitmain is a Chinese language firm with round 80% market share in mining {hardware}, and a possible ban may make issues much more tough for the mining business.
journal: Bitcoin mining business will “extinct inside two years”: Bit Digital CEO
