Bitcoin (BTC) mining firm Greenidge Era 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 attributable to a “energy switchboard failure,” forcing the corporate to close off energy to your complete facility, in accordance with a submitting with the Securities and Change Fee.
The hearth didn’t trigger any harm to the mining rig, and the corporate mentioned it will resume regular operations inside “a number of weeks”, with out giving a selected date.
Greenwich disclosed a hearth 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 gasoline vitality to energy mining operations and equipment co-hosted with NYDIG.
The downtime attributable to the hearth highlighted challenges for industrial mining operations. Mining operations function on skinny margins and should overcome provide chain points, excessive vitality prices, tools failures, declining block rewards, and regulatory hurdles to stay worthwhile.
Associated: BitDeer in flames: Share value decline widens attributable to fireplace at mine facility in Ohio
Current 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 develop into 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 price index
Stablecoin issuer Tether confirmed on Tuesday that it had halted its mining operations in Uruguay, citing rising vitality prices as the principle motive 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 expenses.
Bitmain, one of many main mining {hardware} producers, is presently beneath investigation by US authorities attributable to 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), could possibly 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 troublesome for the mining trade.
journal: Bitcoin mining trade will “extinct inside two years”: Bit Digital CEO
