Fire breaks out at Greenidge mining facility co-hosting NYDIG rigs

🔥 BREAKING: Greenidge's New York Bitcoin mining facility just went up in flames — literally. The Dresden site, which also hosts NYDIG's mining rigs, got taken offline after an electrical switchgear failure sparked a fire on Sunday.

The good news? All the mining hardware survived unscathed. The bad news? The entire facility got de-energized for safety, and Greenidge says it'll take 'a few weeks' to get back online. No specific dates though — classic corporate vagueness.

This Dresden facility is no small operation — it generates 106 megawatts of natural gas energy to power both Greenidge's own mining ops and NYDIG's co-hosted rigs. That's a massive chunk of hashpower going dark.

The timing couldn't be worse for miners already sweating thin margins. Hashprice — that critical metric measuring profits per unit of computing power — dropped to around $35 PH/s in November as BTC briefly tanked to $80k lows. For context, mining becomes unprofitable around $40 PH/s, and we're currently sitting at about $39 PH/s. Ouch.

Meanwhile, the mining industry is getting hit from all sides: Tether just shut down its Uruguay mining operations citing skyrocketing energy costs (plus they had a $4.8 million dispute with the local energy provider).

And Bitmain — the Chinese giant that controls 80% of mining hardware — is now under US investigation for potential national security risks. Officials are worried their ASICs could be remotely accessed for espionage. A potential ban would absolutely wreck the mining industry's supply chain.

So yeah — between fires, energy costs, regulatory probes, and razor-thin margins, Bitcoin mining is looking rougher than ever. But the miners keep grinding. Respect.