TLDR
- A fire at Bitdeer’s Massillon, Ohio facility on Tuesday destroyed two of 26 buildings under construction.
- No casualties were reported and the company says its operational hashrate remains unaffected.
- Bitdeer stock declined 7.5% Wednesday to approximately $13.90 after the fire news.
- The incident follows Monday’s Q3 earnings showing a $266.7 million net loss that sent shares down 20%.
- Founder Jihan Wu blamed welding during windy weather for the fire that required complete building replacement.
Bitdeer Technologies faced another setback this week when fire tore through its Ohio construction site. Two buildings at the Massillon facility were destroyed Tuesday evening.
The company reported no injuries from the incident. Bitdeer confirmed the damaged structures had no mining equipment installed.
Operations remain unaffected according to company statements. The fire will not impact Bitdeer’s current hashrate or mining capacity.
Founder Jihan Wu posted that welding work started the blaze. Strong winds spread flames quickly between the two buildings.
Bitdeer Technologies Group, BTDR
Both structures collapsed and need full replacement. The site contains 24 other buildings that escaped damage.
Shares Extend Weekly Decline
Wednesday trading saw Bitdeer stock drop 7.5%. Shares closed near $13.90 per share.
This continues a painful stretch for investors. Monday’s Q3 earnings report showed a $266.7 million net loss.
That announcement crushed the stock price. Shares plummeted 20% over three trading days before the fire.
Bitdeer has recorded losses every quarter since Q4 2024. That quarter brought a $530 million loss.
Q1 2025 posted a $3.2 million loss with revenue falling 40% to $70 million. Q2 added another $147 million in red ink.
The Massillon location was set to launch in Q1 2026. This timeline now faces delays as rebuilding begins.
Wu said teams are inspecting transformers and electrical infrastructure. Most equipment will likely need replacement according to early assessments.
The facility played a key role in expansion plans. Bitdeer designed it to house advanced mining rigs and newer chip technology.
Industry Faces Mounting Pressure
Bitcoin mining companies battle multiple headwinds in 2025. April 2024’s halving cut block rewards to 3.125 BTC.
Mining revenue dropped by half overnight. Energy prices remain high across major mining hubs.
Trump administration tariffs added new complications. Equipment shipments risk seizure at US customs checkpoints.
Chip makers struggle with supply chain delays. Network difficulty continues rising as more miners join.
Jefferies reported a 7% profitability drop in September alone. Hash rate expansion has slowed industry-wide.
Bitdeer shifted focus to self-mining earlier this year. The company opened a US manufacturing plant to offset weak rig sales.
Demand for mining equipment cooled throughout 2025. Bitdeer increased its hashrate in Q3 to counter manufacturing struggles.
Management targets top five global mining status. The strategy depends on facilities like Massillon coming online.
Fire damage forces resource reallocation. Capital and time earmarked for growth must now fund reconstruction.
Wu confirmed the fire is fully extinguished. No risk of additional damage exists at the site.
Investors await detailed reconstruction timelines. The facility remains central to North American expansion goals.
Trading volume spiked following both the earnings miss and fire report. The stock has fallen over 25% in five days.
Damage assessment continues at the Massillon site. Bitdeer has not revised its Q1 2026 launch target publicly.
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