Type 3 deiodinase (D3) inactivates thyroid hormones. Simonides et al. (2008) now report that hypoxia-induced D3 activation leads to reduction of 3,5,3'-triiodothyronine (T3) and oxygen consumption, suggesting that D3 activation is a component of cellular responses to hypoxia and supporting the idea of cell-specific regulation of thyroid hormone levels by deiodinases.