Bitdeer in flames: Ohio mining facility fire extends stock sell-off

Bitcoin mining company Bitdeer confirmed that a fire broke out at its facility in Massillon, Ohio, on Tuesday, with no reported casualties.

The fire affected two of 26 buildings under construction at the Massillon site, which does not have any mining rigs installed, according to an on Wednesday.

Bitdeer said it “does not expect” the incident to impact the company’s operational hashrate, a measure of the total computing power commanded by its mining operations.

The fire came amid financial and macroeconomic challenges for Bitdeer and the broader mining industry in 2025, as the sector grapples with , rising energy costs, supply chain issues and increased competition. 

Shares of Bitdeer declined by about 7.5% on Wednesday, trading at about $13.90 at the time of this writing, to Yahoo Finance.

Cointelegraph reached out to Bitdeer but had not received a response at time of publication.

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Bitdeer reported significant losses for the last four business quarters, starting with the fourth quarter of 2024, when the company of over $530 million.

The losses extended into Q1 2025 when Bitdeer alongside a 40% year-over-year drop in revenue, which totaled just over $70 million for the quarter. This was followed by a $147 million loss in Q2.

On Monday, the company disclosed its Q3 financial results, showing a $266.7 million net loss, which led to its stock plummeting by about 20% in three days.

The company and established a US-based manufacturing facility in 2025 to offset shortfalls in its manufacturing business from cooling demand for mining rigs.

Sweeping trade tariffs announced by US President Donald Trump in 2025 created even more challenges for the beleaguered mining industry, including rising costs and the possibility that mining by Customs.

In response, Bitdeer in Q3 by expanding its hashrate and now aims to become one of the top five mining companies globally.

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