In brief
- Two of 26 buildings at Bitdeer’s Massillon, Ohio Bitcoin mining site were impacted by fire on Tuesday.
- No injuries were reported and the cause is still being investigated.
- Bitdeer shares are down on Wednesday and have fallen more than 31% in the last week.
A fire in Massillon, Ohio affected two buildings belonging to publicly traded Bitcoin miner Bitdeer, the firm announced.
The Tuesday fire was extinguished shortly after the local fire department was dispatched, and no injuries were reported.
“Earlier yesterday afternoon at around 2pm, on Tuesday, Nov 11, Bitdeer’s Massillon site sustained a fire that affected 2 buildings within the facility,” the firm posted on X. “The facility is under construction and site management is investigating to determine the cause of the fire and extent of the damage.”
Bitdeer’s Massillon site has been under construction with its first electrical power connection expected to happen this month, according to a recent investor update. The fire only affected two of the 26 total buildings on site, and no mining equipment had been installed there, according to the firm. Bitdeer does not anticipate the fire will have any impact on its current operational hashrate.
In an interview with local news outlet the Canton Repository, fire chief Matt Heck said the blaze “didn’t appear to be anything intentional,” though an investigation into the cause and full extent of the damage is ongoing.
Singapore-based Bitdeer has multiple sites in Ohio and maintains mining operations in Texas, Norway, and other locations globally.
The firm reported a net loss of $266.7 million in its Q3 earnings call earlier this week, sending shares of Nasdaq-listed BTDR down close to 20% and closing Monday around $17.64.
Shares have fallen even further since, falling 6% on Wednesday and now down more than 31% in the last five trading days, changing hands at $14.10.
Like other crypto mining firms, Bitdeer has been expanding its scope beyond mining, seeking to capture opportunity provided by the demand for computing power due to the rise of generative artificial intelligence (AI).
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