![]()
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Fire knocked out power and halted bitcoin mining at Greenidge’s Dresden, New York site after an electrical failure sparked a blaze last week.
Related Reading: Strategy Stock Crashes 60% — But Michael Saylor Refuses To Step AsideAccording to reports, the incident forced the plant to shut down its generation and data center operations, temporarily stopping both company-run rigs and machines operating for clients.
Electrical Switchgear Failure Reported
Based on reports, an electrical switchgear malfunction on November 23, 2025 started the fire and triggered automatic safety systems that de-energized the facility.
The Dresden plant, which has about 106 megawatts of generation capacity, was taken offline immediately to prevent further damage.
Company filings and local updates said none of the hosted mining machines — including those co-located for NYDIG — suffered material damage during the event.
Emergency crews responded and the fire was contained, but the outage left the site idle while technicians inspected equipment and repaired infrastructure.
Impact On Mining Operations And Clients
Reports have disclosed that the shutdown means lost hashing time for every miner at the site. For co-hosting customers like NYDIG, downtime translates to missed block rewards until the machines can be safely powered up again.
BTCUSD trading at $90,650 on the 24-hour chart: TradingView
Mining firms typically earn revenue only while rigs run, so even a short stoppage can cut into weekly receipts. Industry observers noted that the Dresden plant is a major part of Greenidge’s US footprint, so the pause affects a sizable share of the company’s output.
Bitcoin Mining Economics Under Pressure
Mining profitability is under strain across the board as network difficulty climbs and competition increases. Based on recent market data, margins are tighter than in prior cycles, making every hour of offline time more costly.
Investigation And Recovery Timetable
According to the company, crews are working to restore service and Greenidge expects a return to normal operations within a few weeks.
That timetable is provisional and tied to the results of inspections and replacement of damaged switchgear. Regulators and insurers will likely review the incident, and an internal investigation is expected to clarify the cause of the failure and whether any maintenance gaps contributed.
Related Reading: Crypto Regulation Heats Up: Senate Sets December Vote On Market Structure BillStakeholders will watch closely for confirmed repair schedules and any disclosures about lost bitcoin production or costs tied to the outage. Co-hosts will also monitor whether the incident prompts changes to safety practices or contract terms for hosted rigs.
Featured image from FMC Fire, chart from TradingView
![]()
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC Falls 0.50% in 15 Minutes: Large Position Transfers and Long Liquidations Trigger Cascading Decline
On March 19, 2026, from 04:00 to 04:15 (UTC), the BTC price declined by 0.50% within the short-term window, with an amplitude of 0.68%, and a price range of 70,729.6 to 71,214.1 USDT. Market attention significantly increased, with spot and derivatives trading volumes expanding simultaneously. Short-term activity became more active, and market sentiment turned slightly cautious.
The main driver of this movement was the transfer of approximately 2,800 BTC from large on-chain holdings to exchange hot wallets between 04:05 and 04:10, which triggered large sell-offs in the spot market. Liquidity pressure rose, directly pushing the price down.
GateNews38m ago
Data: BTC breaks through $74,643, with the liquidation strength of major CEX short positions reaching $1.842 billion
Gate News reports that on March 19, according to Coinglass data, if BTC breaks through $74,643, the cumulative short liquidation intensity across mainstream CEX will reach $1.842 billion. Conversely, if BTC falls below $67,727, the cumulative long liquidation intensity across mainstream CEX will reach $1.172 billion.
GateNews41m ago
ETF Absorbs Over $1.1 Billion Yet Struggles to Rescue the Market? Powell and Oil Prices Team Up to Put Pressure On, Bitcoin Breaks Key Support
Despite Bitcoin ETF inflows of $1.16 billion, Bitcoin price pulled back to $71,000, declining over 4%. Analysts attribute the pullback to interest rate expectations and inflation pressures, while ETF inflows indicate that institutions view Bitcoin as a long-term asset. The weakness in U.S. equities has also impacted the crypto market.
GateNews1h ago
Gold and Bitcoin decline simultaneously by 3.6% and 4.6%, respectively, as the global market faces stagflation shocks.
On March 19, escalating geopolitical conflicts and hawkish Federal Reserve policies exposed global markets to stagflation pressures driven by oil. Rising oil prices, coupled with declining equities and metals, also impacted cryptocurrencies. Macroeconomic dynamics revealed intensifying energy tensions and widespread risk-averse sentiment across markets.
GateNews1h ago
