Greenidge Technology 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 as a result of an “electrical switchgear failure,” forcing the corporate to de-energize all the facility, in response to a Securities and Alternate Fee (SEC) submitting.
The fireplace didn’t injury the mining rigs, and the corporate stated it might resume regular operations inside a “few weeks,” with out offering particular dates.
Greenidge’s Dresden web site generates 106 megawatts of pure fuel power to energy its mining operations and machines co-hosted with NYDIG, in response to TheMinerMag.
The downtime brought on by the fireplace showcased the challenges of economic 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.
Associated: Bitdeer in flames: Ohio mining facility fireplace extends inventory sell-off
The most recent headwinds to hit the mining business 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 grow to be unprofitable across the $40 PH/s stage. The hash worth is again to about $39 PH/s on the time of this writing, in response to Hashrate Index.
Stablecoin issuer Tether confirmed it shut down its mining operations in Uruguay on Tuesday, citing surging power prices as the principle purpose for the exit.
The corporate was additionally in a dispute with a neighborhood state-owned power supplier over $4.8 million in unpaid power payments and charges.
Bitmain, one of many main mining {hardware} producers, is now underneath investigation by US officers over nationwide safety issues.
The officers are probing whether or not Bitmain’s application-specific built-in circuits (ASICs), the {hardware} used to mine proof-of-work (PoW) cryptocurrenccould be remotely accessed and used for espionageonage.
Bitmain is a Chinese language firm that has about an 80% market share of mining {hardware}, and any potential ban may make issues much more difficult for the mining business.
Journal: Bitcoin mining business ‘going to be useless in 2 years’: Bit Digital CEO