Bitcoin (BTC) mining company Greenidge Generation Holdings has announced that a fire has broken out at a mining facility in Dresden, New York, which it jointly operates with mining company NYDIG.
The fire started Sunday due to a “power switchboard failure,” forcing the company to shut off power to the entire facility, according to a filing with the Securities and Exchange Commission.
The fire did not cause any damage to the mining rig, and the company said it would resume normal operations within “a few weeks”, without giving a specific date.
Greenwich disclosed a fire at its Dresden, New York, facility in a recent SEC filing. sauce: greenwich
According to TheMinerMag, Greenidge’s Dresden facility generates 106 megawatts of natural gas energy to power mining operations and machinery co-hosted with NYDIG.
The downtime caused by the fire highlighted challenges for commercial mining operations. Mining operations operate on thin margins and must overcome supply chain issues, high energy costs, equipment failures, declining block rewards, and regulatory hurdles to remain profitable.
Related: BitDeer in flames: Share price decline widens due to fire at mine facility in Ohio
Recent headwinds hitting the mining industry are adding to the strain on miners
Hashprice, a key metric of miner profitability that measures expected profit per unit of computing power, fell to around 35 petahashes per second (PH/s) in November as BTC plummeted to a low of around $80,000.
For context, mining operations typically become unprofitable around the $40 per second level. As of this writing, hash prices are back to around $39/sec, according to Hashrate Index.
Bitcoin Mining Hash Prices August to November 2025. source: hash rate index
Stablecoin issuer Tether confirmed on Tuesday that it had halted its mining operations in Uruguay, citing rising energy costs as the main 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 charges.
Bitmain, one of the leading mining hardware manufacturers, is currently under investigation by US authorities due to national security concerns.
Officials are investigating whether Bitmain’s application-specific integrated circuits (ASICs), the hardware used to mine cryptocurrency proof-of-work (PoW), could be remotely accessed and used for espionage.
Bitmain is a Chinese company with around 80% market share in mining hardware, and a potential ban could make things even more difficult for the mining industry.
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