Bitcoin mining company Bitdeer confirmed that a fire occurred at its facility in Massillon, Ohio, on Tuesday, with no reports of injuries.
According to a statement on Wednesday, the fire affected two of the 26 buildings under construction at the Massillon site, which has not yet installed any mining machines.
Bitdeer stated that it "expects" the incident will not impact the company's operational hash rate, which is a measure of the total computational power the company has for its mining operations.
The fire comes at a time when Bitdeer and the broader mining industry are facing financial and macroeconomic challenges in 2025, as the industry deals with tariffs, rising energy costs, supply chain issues, and increased competition.
According to Yahoo Finance data, Bitdeer's stock price fell about 7.5% on Wednesday, trading at approximately $13.90 at the time of writing.
Cointelegraph reached out to Bitdeer but had not received a response by the time of publication.
Bitdeer reported significant losses over the past four fiscal quarters, starting from the fourth quarter of 2024, when the company announced a net loss of over $530 million.
The losses continued into the first quarter of 2025, with Bitdeer reporting a loss of $3.2 million, while revenue fell 40% year-over-year, with total revenue slightly above $70 million for the quarter. The second quarter then saw a loss of $147 million.
On Monday, the company disclosed its third-quarter financial performance, showing a net loss of $266.7 million, leading to a nearly 20% drop in its stock price over three days.
The company shifted to self-mining operations in 2025 and established manufacturing facilities in the U.S. to offset the manufacturing shortfall caused by cooling demand for mining machines.
The comprehensive trade tariffs announced by U.S. President Trump in 2025 brought additional challenges to the struggling mining industry, including rising costs and the possibility of mining equipment being seized by customs at U.S. ports.
In response, Bitdeer doubled down on its self-mining strategy in the third quarter, expanding its hash rate, with the goal of becoming one of the top five mining companies globally.
Related: Reports suggest that Japanese stablecoin issuers are expected to fill the central bank's bond purchase gap.
Original: “Bitdeer in Trouble: Ohio Mining Facility Fire Intensifies Stock Sell-off”
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