New York company halts Bitcoin mining operations after fire breaks out

It has been an unkind play for the crypto manufacture and Bitcoin (BTC) mining firms person not been capable to flight the vigor either.

Bitcoin mining is the process of utilizing specialised computing systems to lick analyzable cryptographic functions truthful that you tin verify and adhd blocks containing BTC transactions to the chain.

In speech for adding blocks and securing the Bitcoin network, miners person rewards successful the signifier of BTC.

Related: Largest backstage golden holder shuts down Bitcoin mining operations

Rising vigor costs, declining mining rewards, and uncertainty astir planetary crypto regularisation are among the astir salient reasons Bitcoin mining companies are uncovering it hard to run successful specified a stressful period.

As reported earlier, a salient institution with operations crossed locations successful North America, Bitfarms Ltd. (Nasdaq/TSX: BITF), said it is readying to unopen down its Bitcoin mining concern to absorption connected AI by 2027.

Next, it turned retired that Tether, the largest stablecoin issuer, is shutting down its Bitcoin mining operations successful Uruguay owed to precocious vigor costs.

Now, different shocking incidental has travel to airy successful which a Bitcoin mining institution has recently been forced to temporarily unopen down operations after a occurrence incident at its New York facility.

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• Popular North American institution shuts down Bitcoin mining operations for AI

Greenidge Generation Holdings disclosed successful an 8-K filing with the U.S. Securities and Exchange Commission (SEC) that a occurrence broke retired at its Bitcoin mining installation successful Dresden, New York, connected Nov. 23.

The institution said it has contained the incident and mandated the contiguous and implicit de-energization of the facility. It is actively investigating the incidental and processing a repair and restoration program to extremity the outage.

As per preliminary assessments, it appears that the occurrence didn't origin immoderate worldly harm to the Bitcoin miners astatine the facility, it added.

Greenidge Generation Holdings said it expects mean operations to resume implicit the people of the adjacent fewer weeks but expressed its inability to stock a definitive timeline for restoration of partial oregon afloat work to the Dresden, New York facility.

This communicative was primitively published by TheStreet connected Nov 29, 2025, wherever it archetypal appeared successful the Business News section. Add TheStreet arsenic a Preferred Source by clicking here.