Bitdeer Bitcoin Mining Facility in Ohio Catches Fire — Shares Slide Over 30% Amid Losses

A construction-site blaze struck Bitdeer’s new Bitcoin mining facility in Massillon, Ohio on Tuesday, adding to a rough week for the publicly traded mining giant following steep quarterly losses.

Two of 26 buildings at Bitdeer’s upcoming Massillon, Ohio complex were damaged after a fire broke out Tuesday afternoon, the company confirmed on social media. The blaze was contained shortly after local firefighters arrived, and no injuries were reported.

Bitdeer confirmed the accident, writing on its X account

“Earlier yesterday afternoon at around 2 p.m. on Tuesday, Nov. 11, Bitdeer’s Massillon site sustained a fire that affected two buildings within the facility. The facility is under construction, and site management is investigating to determine the cause of the fire and extent of the damage.”

According to fire chief Matt Heck, the incident “didn’t appear to be anything intentional,” though a full investigation remains ongoing.

Bitdeer said the fire will not affect its operational hashrate, as no mining rigs had yet been installed in the damaged structures. The site—still under development—was slated to connect to its first electrical power line later this month, according to a recent investor update.

With construction ongoing, the company maintains that overall project timelines and expansion targets remain intact.

The incident adds pressure to Singapore-based Bitdeer Technology Group (NASDAQ: BTDR), which has already seen shares tumble after reporting a $266.7 million net loss in Q3—a 422% year-over-year decline. Stock closed Monday around $17.64, down nearly 20%, and continued sliding to $14.10 by Wednesday, marking a 31% drop in five trading days.

Despite the losses, Bitdeer nearly tripled quarterly revenue to $169.7 million from $62 million last year, underscoring the firm’s growing scale even amid rising costs.

Expanding Beyond Bitcoin Mining

Like other major mining firms, Bitdeer has been diversifying into high-performance computing to meet surging demand for AI-driven data processing.

The company operates sites across Ohio, Texas, and Norway, aiming to leverage its infrastructure for both Bitcoin mining and cloud-based AI workloads. Still, with its shares under pressure and fresh construction setbacks in Ohio, Bitdeer faces a challenging path to regain investor confidence.

The company says it expects no major operational disruption—but after a week of fires, losses, and falling stock prices, the heat around Bitdeer is hard to ignore.