New York company halts Bitcoin mining operations after fire breaks out

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It has been an unkind season for the crypto industry and Bitcoin (BTC) mining firms have not been able to escape the heat either.

Bitcoin mining is the process of using specialised computing systems to solve complex cryptographic functions so that you can verify and add blocks containing BTC transactions to the chain.

In exchange for adding blocks and securing the Bitcoin network, miners receive rewards in the form of BTC.

Related: Largest private gold holder shuts down Bitcoin mining operations

Rising energy costs, declining mining rewards, and uncertainty about global crypto regulation are among the most prominent reasons Bitcoin mining companies are finding it difficult to operate in such a stressful period.

As reported earlier, a prominent company with operations across locations in North America, Bitfarms Ltd. (Nasdaq/TSX: BITF), said it is planning to shut down its Bitcoin mining business to focus on AI by 2027.

Next, it turned out that Tether, the largest stablecoin issuer, is shutting down its Bitcoin mining operations in Uruguay due to high energy costs.

Now, another shocking incident has come to light in which a Bitcoin mining company has recently been forced to temporarily shut down operations after a fire incident at its New York facility.

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• Popular crypto company shuts down as Bitcoin crashes

• Bankrupt crypto exchange moves millions in Bitcoin after months

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

Fire breaks out at Bitcoin mining facility in New York

Greenidge Generation Holdings disclosed in an 8-K filing with the U.S. Securities and Exchange Commission (SEC) that a fire broke out at its Bitcoin mining facility in Dresden, New York, on Nov. 23.

The company said it has contained the incident and mandated the immediate and complete de-energization of the facility. It is actively investigating the incident and developing a repair and restoration plan to end the outage.

As per preliminary assessments, it appears that the fire didn't cause any material damage to the Bitcoin miners at the facility, it added.

Greenidge Generation Holdings said it expects normal operations to resume over the course of the next few weeks but expressed its inability to share a definitive timeline for restoration of partial or full service to the Dresden, New York facility.

This story was originally published by TheStreet on Nov 29, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.