Hearth at Greenidge Bitcoin Mine in New York Forces Momentary Shutdown

Greenidge Technology Holdings, a serious US Bitcoin mining agency, disclosed {that a} fireplace broke out at its Dresden, New York facility on Sunday, forcing a brief shutdown of operations at certainly one of its core websites.

Key Takeaways:

• Greenidge Technology Holdings shut its New York mine after {an electrical} switchgear failure prompted a hearth.
• The 106-MW web site, co-hosting gear with NYDIG, is a vital asset.
• The outage hits as hashprice sits close to ~$39 PH/s, under many miners’ breakeven.

In a submitting with the Securities and Change Fee, the corporate mentioned the incident was triggered by an “electrical switchgear failure,” which led administration to de-energize your entire 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 mentioned the fireplace didn’t injury 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 necessary power belongings.

The interruption comes at a troublesome second for the mining sector, which continues to grapple with falling revenue margins, risky Bitcoin costs, and rising power 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 under breakeven ranges for a lot of operators.

Information from Hashrate Index reveals hashprice not too long ago recovering to round $39 per petahash per second (PH/s), nonetheless under the extent most miners contemplate sustainable for long-term operations.

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 similar 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 may 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 sturdy 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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