Incident Overview
Bitcoin mining company Bitdeer confirmed that a fire broke out at its facility in Massillon, Ohio, on Tuesday. Fortunately, there were no reported casualties as a result of the incident.
The fire affected two of the 26 buildings currently under construction at the Massillon site. Bitdeer clarified that no mining rigs had been installed at this location, according to an announcement made on Wednesday.
Bitdeer stated that it "does not expect" the incident to impact the company’s operational hashrate, which is a key metric measuring the total computing power dedicated to its mining operations.
Broader Industry Challenges
The fire occurred amidst a period of financial and macroeconomic challenges for Bitdeer and the broader cryptocurrency mining industry throughout 2025. The sector has been grappling with several significant issues, including the impact of tariffs, escalating energy costs, persistent supply chain disruptions, and intensified competition.
Shares of Bitdeer experienced a decline of approximately 7.5% on Wednesday. At the time of this writing, the stock was trading around $13.90, according to data from Yahoo Finance.
Cointelegraph reached out to Bitdeer for comment but had not received a response by the time of publication.
Financial Performance in 2025
The year 2025 has presented considerable difficulties for Bitdeer and other cryptocurrency miners. Bitdeer has reported substantial losses across its last four business quarters, beginning with the fourth quarter of 2024. During that period, the company posted a net loss exceeding $530 million.
These losses continued into the first quarter of 2025, when Bitdeer reported a $3.2 million loss. This financial quarter also saw a significant 40% year-over-year drop in revenue, which totaled just over $70 million. The company’s financial struggles persisted into the second quarter, with a reported loss of $147 million.
On Monday, Bitdeer disclosed its third-quarter financial results, revealing a net loss of $266.7 million. This announcement contributed to a roughly 20% drop in its stock price over the preceding three days.
Strategic Adjustments and Industry Pressures
In an effort to mitigate these financial pressures and address shortfalls in its manufacturing business, driven by cooling demand for mining rigs, Bitdeer turned to self-mining operations. The company also established a US-based manufacturing facility in 2025.
The cryptocurrency mining industry has also faced increased pressure from trade tariffs. Sweeping tariffs announced by US President Donald Trump in 2025 have introduced further challenges, including rising operational costs and the potential for mining equipment to be seized at US ports by Customs.
In response to these evolving industry conditions, Bitdeer intensified its focus on its self-mining strategy in the third quarter. The company expanded its hashrate and has set a goal to become one of the top five mining companies globally.