A fire broke out at Greenidge Generation Holdings' Bitcoin mining facility in Dresden, New York, on Sunday, November 28, 2025, due to an electrical switchgear failure, prompting a temporary shutdown of operations. The incident was disclosed in a filing with the Securities and Exchange Commission (SEC), and management de-energized the entire plant as a safety precaution.
The 106-megawatt facility, which hosts company-owned mining rigs and equipment operated by NYDIG, has remained offline since the fire, but Greenidge confirmed no damage to the mining rigs and expects to restore full operations within "a few weeks," though no specific timeline was provided. This site is a critical energy asset, generating natural-gas power exclusively for Bitcoin mining.
The outage coincides with a difficult period for the mining sector, where hashprice—a key profitability metric—has recently recovered to around $39 per petahash per second (PH/s), still below the breakeven level for many operators. Hashprice had plunged in November as Bitcoin prices briefly dipped toward $80,000, straining miner revenues.
This event highlights broader industry challenges, including Tether's recent shutdown of Bitcoin mining in Uruguay due to energy cost disputes and a U.S. investigation into Bitmain over national security concerns, adding to sector-wide stress.
