Hearth at Greenidge Bitcoin Mine in New York Forces Momentary Shutdown

Greenidge Era Holdings, a significant US Bitcoin mining agency, disclosed {that a} fireplace broke out at its Dresden, New York facility on Sunday, forcing a short lived shutdown of operations at one among its core websites.

Key Takeaways:

• Greenidge Era Holdings shut its New York mine after {an electrical} switchgear failure induced a fireplace.
• The 106-MW website, co-hosting gear with NYDIG, is a important asset.
• The outage hits as hashprice sits close to ~$39 PH/s, beneath many miners’ breakeven.

In a submitting with the Securities and Trade Fee, the corporate stated the incident was triggered by an “electrical switchgear failure,” which led administration to de-energize all the plant as a security precaution.

The location, which hosts company-owned machines in addition to tools operated by NYDIG, has remained offline for the reason that incident.

Greenidge Says Dresden Bitcoin Mine to Reopen in Weeks

Greenidge stated the fireplace didn’t injury its mining rigs and added that it expects to revive full operations inside “a couple of weeks,” though no timeline has been supplied.

The Dresden facility produces roughly 106 megawatts of natural-gas energy used immediately for Bitcoin mining, making it one of many firm’s most necessary vitality belongings.

The interruption comes at a tough second for the mining sector, which continues to grapple with falling revenue margins, risky Bitcoin costs, and rising vitality prices.

Hashpricem a key indicator of miner profitability, plunged in November after Bitcoin briefly dipped towards $80,000, pushing revenues per unit of computing energy beneath breakeven ranges for a lot of operators.

Knowledge from Hashrate Index exhibits hashprice just lately recovering to round $39 per petahash per second (PH/s), nonetheless beneath the extent most miners contemplate sustainable for long-term operations.

The Greenidge fireplace additionally follows a wave of stress throughout the sector.

Tether just lately confirmed it had shut down its Bitcoin mining operations in Uruguay, citing hovering electrical energy costs and an unresolved billing dispute with a state-owned utility.

On the similar time, US authorities have reportedly opened an investigation into Bitmain over nationwide safety issues linked to its ASIC manufacturing enterprise.

The Chinese language firm accounts for almost all of the worldwide mining tools market, and any restrictions might additional disrupt operations for US-based miners.

CleanSpark Income Surges 102%

As reported, CleanSpark delivered what executives described as a “transformative” fiscal 12 months, reporting $766.3 million in income for the interval ending September 30, 2025, a 102% soar from the earlier 12 months.

The corporate’s outcomes present a dramatic reversal from 2024, underscoring how its expanded technique is reshaping each operations and monetary efficiency.

Web earnings got here in at $364.5 million, in contrast with a $145.8 million loss final 12 months. Adjusted EBITDA surged to $823.4 million, up from $245.8 million a 12 months earlier.

The robust fiscal outcomes observe CleanSpark’s $1.15 billion zero-coupon convertible notes providing, which introduced $1.13 billion in internet proceeds and allowed the agency to repurchase 30.6 million shares for roughly $460 million.

As of September 30, CleanSpark held $1.2 billion in Bitcoin, $43 million in money, and $950.1 million in mining belongings, with complete belongings reaching $3.2 billion and stockholders’ fairness at $2.2 billion.

The put up Hearth at Greenidge Bitcoin Mine in New York Forces Momentary Shutdown appeared first on Cryptonews.