Greenidge Generation Holdings, a prominent U.S. Bitcoin mining company, has temporarily shut down its facility in Dresden, New York, after a fire broke out on Sunday. The company disclosed in a filing with the Securities and Exchange Commission (SEC) that the incident was caused by an electrical switchgear failure, prompting management to de-energize the entire plant as a safety measure.

The 106-megawatt facility, a critical asset for the company, hosts both Greenidge-owned mining machines and equipment operated by NYDIG. While the site remains offline, Greenidge confirmed the fire did not damage any of its mining rigs. The company expects to restore full operations within “a few weeks,” though a specific timeline has not yet been provided.

A Sector Under Pressure

The interruption at the Dresden plant comes at a difficult time for the Bitcoin mining sector, which has been navigating thin profit margins, volatile crypto prices, and rising energy costs. Hashprice, a key metric for miner profitability, has been suppressed, putting many operators below their breakeven levels.

According to data from Hashrate Index, the hashprice has recently recovered to approximately $39 per petahash per second (PH/s). However, this level is still considered unsustainable for the long-term operations of many miners. The incident at Greenidge adds to a series of challenges facing the industry.

Recently, Tether announced it was ceasing its Bitcoin mining operations in Uruguay due to high electricity prices. Meanwhile, reports have emerged that U.S. authorities are investigating Bitmain, the world’s largest manufacturer of Application-Specific Integrated Circuit (ASIC) miners, over national security concerns, which could potentially disrupt equipment supply chains for American firms.

CleanSpark Bucks the Trend with Record Revenue

In contrast to the broader industry headwinds, some companies are demonstrating remarkable growth. CleanSpark reported what its executives called a “transformative” fiscal year, with revenues surging 102% to $766.3 million for the period ending September 30, 2025.

The company’s performance marks a significant reversal from the previous year. It posted a net income of $364.5 million, compared with a $145.8 million loss in 2024. Adjusted EBITDA also climbed to $823.4 million from $245.8 million a year earlier.

These strong results followed a successful $1.15 billion convertible notes offering. As of September 30, CleanSpark’s balance sheet showed total assets of $3.2 billion, including $1.2 billion in Bitcoin and $950.1 million in mining assets.