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 considered one of its core websites.
Key Takeaways:
- Greenidge Era Holdings shut its New York mine after {an electrical} switchgear failure brought on 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 Change Fee, the corporate stated the incident was triggered by an “electrical switchgear failure,” which led administration to de-energize the complete plant as a security precaution.
The positioning, which hosts company-owned machines in addition to tools operated by NYDIG, has remained offline because the incident.
Greenidge Says Dresden Bitcoin Mine to Reopen in Weeks
Greenidge stated the hearth didn’t harm its mining rigs and added that it expects to revive full operations inside “a number of weeks,” though no timeline has been offered.
The Dresden facility produces roughly 106 megawatts of natural-gas energy used straight for Bitcoin mining, making it one of many firm’s most vital 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.
Information from Hashrate Index exhibits hashprice not too long ago recovering to round $39 per petahash per second (PH/s), nonetheless beneath the extent most miners think about sustainable for long-term operations.
$GREE Greenidge's Dresden Plant Hit by Electrical Fireplace, Forcing Shutdown of #Bitcoin Minehttps://t.co/rSDWNKi3vT
— TheMinerMag (@TheMinerMag_) November 28, 2025
The Greenidge fireplace additionally follows a wave of stress throughout the sector.
Tether not too long ago 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 identical time, US authorities have reportedly opened an investigation into Bitmain over nationwide safety considerations 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 yr, reporting $766.3 million in income for the interval ending September 30, 2025, a 102% soar from the earlier yr.
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 yr. Adjusted EBITDA surged to $823.4 million, up from $245.8 million a yr earlier.
The robust fiscal outcomes comply with 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.
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