Fire Incident at Greenidge Bitcoin Mine in New York Leads to Temporary Shutdown

Greenidge Generation Holdings, a prominent player in the U.S. Bitcoin mining industry, has announced a fire at its facility in Dresden, New York, which has necessitated a temporary halt in operations at one of its key locations.

Key Takeaways:

A fire, caused by an electrical switchgear failure, led to the shutdown of Greenidge Generation Holdings' New York mine.
The facility, generating 106 megawatts of power in partnership with NYDIG, is a vital energy asset for the company.
The shutdown occurs as hash prices remain around $39 PH/s, below breakeven thresholds for many miners.

In a regulatory filing with the Securities and Exchange Commission, Greenidge revealed that the fire was initiated by an “electrical switchgear failure.” As a precaution, management chose to de-energize the entire plant to ensure safety. Since the incident, the facility, which accommodates both the company’s machines and equipment operated by NYDIG, has been offline.

Fire Incident at Greenidge Bitcoin Mine

Greenidge Anticipates Reopening of Dresden Bitcoin Mine Soon

Greenidge has reported that the fire did not harm its mining rigs and expects to resume full operations within “a few weeks.” However, a specific reopening timeline has yet to be disclosed.

The Dresden site is capable of generating approximately 106 megawatts of natural-gas energy specifically for Bitcoin mining, making it one of the company’s most crucial energy resources. This interruption comes at a challenging time for the mining sector, which is facing declining profit margins, fluctuating Bitcoin prices, and escalating energy costs.

Hash price, a vital metric for miner profitability, dropped sharply in November as Bitcoin momentarily fell towards $80,000, resulting in revenues per unit of computing power plummeting below breakeven for many miners. Recent data from Hashrate Index indicates that hash price has started to recover to around $39 per petahash per second (PH/s), although this remains beneath the sustainable level preferred by most miners.

The fire at Greenidge comes amid broader industry stress. Recently, Tether announced the shutdown of its Bitcoin mining operations in Uruguay due to soaring electricity costs and an ongoing billing conflict with a state-owned utility. Additionally, U.S. authorities are allegedly investigating Bitmain over national security concerns regarding its ASIC manufacturing operations, which could further impact U.S.-based miners as Bitmain dominates the global mining equipment market.

CleanSpark Records Massive Revenue Increase

In related news, CleanSpark achieved what executives are calling a "transformative" fiscal year, reporting $766.3 million in revenue for the period ending September 30, 2025, reflecting a remarkable 102% increase from the previous year.

The company's financials showcase a significant turnaround from 2024, highlighting how its expanded strategy is positively impacting both operations and fiscal outcomes.

Net income for CleanSpark reached $364.5 million, compared to a loss of $145.8 million the previous year. Adjusted EBITDA soared to $823.4 million, up from $245.8 million a year prior.

These impressive financial results follow CleanSpark’s $1.15 billion zero-coupon convertible notes issuance, which garnered $1.13 billion in net proceeds, allowing the company to repurchase 30.6 million shares for about $460 million.

As of September 30, CleanSpark reported holding $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets. The company’s total assets are valued at $3.2 billion, with stockholders’ equity standing at $2.2 billion.