Bitcoin (BTC) mining firm Greenidge Technology Holdings has introduced {that a} hearth has damaged out at a mining facility in Dresden, New York, which it collectively operates with mining firm NYDIG.
The fireplace began Sunday resulting from a “energy switchboard failure,” forcing the corporate to close off energy to all the facility, in accordance with a submitting with the Securities and Trade Fee.
The fireplace didn’t trigger any harm to the mining rig, and the corporate mentioned it could resume regular operations inside “a couple of weeks”, with out giving a particular date.
Greenwich disclosed a fireplace at its Dresden, New York, facility in a latest SEC submitting. sauce: greenwich
Based on TheMinerMag, Greenidge’s Dresden facility generates 106 megawatts of pure fuel power to energy mining operations and equipment co-hosted with NYDIG.
The downtime brought on by the hearth highlighted challenges for business mining operations. Mining operations function on skinny margins and should overcome provide chain points, excessive power prices, gear failures, declining block rewards, and regulatory hurdles to stay worthwhile.
Associated: BitDeer in flames: Share worth decline widens resulting from hearth at mine facility in Ohio
Latest headwinds hitting the mining trade 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 into unprofitable across the $40 per second stage. 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 power prices as the principle motive for the exit.
The corporate was additionally in a dispute with a neighborhood state-owned power supplier over $4.8 million in unpaid power payments and charges.
Bitmain, one of many main mining {hardware} producers, is at present below investigation by US authorities resulting from nationwide safety issues.
Officers are investigating whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine cryptocurrency proof-of-work (PoW), may very well 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 trade.
journal: Bitcoin mining trade will “extinct inside two years”: Bit Digital CEO
