Fire Breaks Out at Greenidge New York Facility, Forcing it Offline

Greenidge Generation Holdings, a Bitcoin (BTC) mining firm, disclosed {that a} fireplace broke out at its mining facility in Dresden, New York, the place it co-hosts operations with mining firm NYDIG.

The fireplace broke out on Sunday attributable to an “electrical switchgear failure,” forcing the corporate to de-energize your entire facility, in line with a Securities and Exchange Commission (SEC) submitting.

The fireplace didn’t injury the mining rigs, and the corporate stated it would resume regular operations inside a “few weeks,” with out offering particular dates.

Greenidge’s Dresden website generates 106 megawatts of pure fuel power to energy its mining operations and machines co-hosted with NYDIG, in line with TheMinerMag.

The downtime attributable to the fireplace showcased the challenges of business mining operations, which function on skinny margins and should climate provide chain points, excessive power prices, gear failures, dwindling block rewards, and regulatory hurdles to stay worthwhile.

Related: Bitdeer in flames: Ohio mining facility fireplace extends inventory sell-off

The newest headwinds to hit the mining trade are straining miners much more

Hashprice, a crucial metric for miner profitability that measures anticipated earnings per unit of computing energy, dropped to about $35 petahashes per second (PH/s) in November as BTC plunged to lows of about $80,000.

For context, mining operations usually change into unprofitable across the $40 PH/s stage. The hash worth is again to about $39 PH/s at the time of this writing, in line with Hashrate Index. 

Stablecoin issuer Tether confirmed it shut down its mining operations in Uruguay on Tuesday, citing surging power prices as the primary motive for the exit.

The firm was additionally in a dispute with an area state-owned power supplier over $4.8 million in unpaid power payments and charges.

Bitmain, one of many main mining {hardware} producers, is now beneath investigation by US officers over nationwide safety considerations.

The officers are probing whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine proof-of-work (PoW) cryptocurrencies, might be remotely accessed and used for espionage.

Bitmain is a Chinese firm that has about an 80% market share of mining {hardware}, and any potential ban may make issues much more difficult for the mining trade.

Magazine: Bitcoin mining trade ‘going to be dead in 2 years’: Bit Digital CEO