Fire at Greenidge Bitcoin Facility in New York Leads to Temporary Closure

Greenidge Generation Holdings, a prominent Bitcoin mining company in the US, reported that a fire occurred at its facility in Dresden, New York, on Sunday, necessitating a temporary halt in operations at one of its primary sites.

Key Takeaways:

• Greenidge Generation Holdings closed its New York mining operation following a fire caused by an electrical switchgear malfunction.
• The 106-MW site, which shares equipment with NYDIG, is a vital asset.
• This outage coincides with hashprice hovering around ~$39 PH/s, which is below the breakeven point for many miners.

In a submission to the Securities and Exchange Commission, the firm indicated that the incident was initiated by an “electrical switchgear failure,” prompting management to de-energize the entire facility as a precautionary measure.

The site, which accommodates both company-owned machines and those operated by NYDIG, has remained offline since the occurrence.

Greenidge Anticipates Dresden Bitcoin Mine to Reopen in Weeks

Greenidge stated that the fire did not affect its mining rigs and expressed an expectation to resume full operations within “a few weeks,” although no specific timeline has been disclosed.

The Dresden facility generates approximately 106 megawatts of natural-gas power utilized directly for Bitcoin mining, making it one of the company’s key energy resources.

This disruption arises during a challenging period for the mining industry, which is still facing declining profit margins, fluctuating Bitcoin prices, and increasing energy expenses.

Hashprice, an essential measure of miner profitability, fell in November after Bitcoin briefly approached $80,000, resulting in revenues per unit of computing power dropping below breakeven levels for numerous operators.

Data from Hashrate Index indicates that hashprice has recently rebounded to around $39 per petahash per second (PH/s), yet remains beneath the threshold most miners deem sustainable for ongoing operations.

$GREE Greenidge’s Dresden Plant Hit by Electrical Fire, Forcing Shutdown of #Bitcoin Minehttps://t.co/rSDWNKi3vT

— TheMinerMag (@TheMinerMag_) November 28, 2025

The fire at Greenidge also follows a wave of challenges within the sector.

Tether has recently confirmed the cessation of its Bitcoin mining activities in Uruguay, attributing the decision to escalating electricity costs and an unresolved billing dispute with a state-owned utility.

Simultaneously, US authorities have reportedly initiated an investigation into Bitmain concerning national security issues related to its ASIC manufacturing operations.

The Chinese firm dominates the global mining equipment market, and any restrictions could further complicate operations for miners based in the US.

CleanSpark Revenue Surges 102%

As reported, CleanSpark experienced what executives characterized as a “transformative” fiscal year, announcing $766.3 million in revenue for the period ending September 30, 2025, marking a 102% increase from the previous year.

The company’s results reflect a significant turnaround from 2024, highlighting how its expanded strategy is altering both operational and financial outcomes.

Net income reached $364.5 million, in contrast to a $145.8 million loss the prior year. Adjusted EBITDA soared to $823.4 million, up from $245.8 million a year earlier.

The robust fiscal results follow CleanSpark’s $1.15 billion zero-coupon convertible notes offering, which yielded $1.13 billion in net proceeds and enabled the firm to repurchase 30.6 million shares for approximately $460 million.

As of September 30, CleanSpark possessed $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets, with total assets amounting to $3.2 billion and stockholders’ equity at $2.2 billion.

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