Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Greenidge Generation Holdings, a major US Bitcoin mining firm, disclosed that a fire broke out at its Dresden, New York facility on Sunday, forcing a temporary shutdown of operations at one of its core sites.
Key Takeaways:
- Greenidge Generation Holdings shut its New York mine after an electrical switchgear failure caused a fire.
- The 106-MW site, co-hosting gear with NYDIG, is a critical asset.
- The outage hits as hashprice sits near ~$39 PH/s, below many miners’ breakeven.
In a filing with the Securities and Exchange Commission, the company said the incident was triggered by an “electrical switchgear failure,” which led management to de-energize the entire plant as a safety precaution.
The site, which hosts company-owned machines as well as equipment operated by NYDIG, has remained offline since the incident.
Greenidge Says Dresden Bitcoin Mine to Reopen in Weeks
Greenidge said the fire did not damage its mining rigs and added that it expects to restore full operations within “a few weeks,” although no timeline has been provided.
The Dresden facility produces roughly 106 megawatts of natural-gas power used directly for Bitcoin mining, making it one of the company’s most important energy assets.
The interruption comes at a difficult moment for the mining sector, which continues to grapple with falling profit margins, volatile Bitcoin prices, and rising energy costs.
Hashpricem a key indicator of miner profitability, plunged in November after Bitcoin briefly dipped toward $80,000, pushing revenues per unit of computing power below breakeven levels for many operators.
Data from Hashrate Index shows hashprice recently recovering to around $39 per petahash per second (PH/s), still below the level most miners consider sustainable for long-term operations.
The Greenidge fire also follows a wave of stress across the sector.
Tether recently confirmed it had shut down its Bitcoin mining operations in Uruguay, citing soaring electricity prices and an unresolved billing dispute with a state-owned utility.
At the same time, US authorities have reportedly opened an investigation into Bitmain over national security concerns linked to its ASIC manufacturing business.
The Chinese company accounts for the majority of the global mining equipment market, and any restrictions could further disrupt operations for US-based miners.
CleanSpark Revenue Surges 102%
As reported, CleanSpark delivered what executives described as a “transformative” fiscal year, reporting $766.3 million in revenue for the period ending September 30, 2025, a 102% jump from the previous year.
The company’s results show a dramatic reversal from 2024, underscoring how its expanded strategy is reshaping both operations and financial performance.
Net income came in at $364.5 million, compared with a $145.8 million loss last year. Adjusted EBITDA surged to $823.4 million, up from $245.8 million a year earlier.
The strong fiscal results follow CleanSpark’s $1.15 billion zero-coupon convertible notes offering, which brought $1.13 billion in net proceeds and allowed the firm to repurchase 30.6 million shares for roughly $460 million.
As of September 30, CleanSpark held $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets, with total assets reaching $3.2 billion and stockholders’ equity at $2.2 billion.
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