A fire at Bitdeer’s Massillon, Ohio facility has sent the cryptocurrency company’s stock plummeting. The incident on Tuesday caused damage to two of the 26 buildings under construction, none of which house mining rigs. While Bitdeer claims this won’t impact operational hashrate, the stock experienced a drop of about 7.5% on Wednesday, trading at approximately $13.90 per share. This follows a challenging year for Bitdeer and other mining companies in 2025, marked by financial losses, rising costs, and increased competition.
The fire comes as the company faces significant challenges, including tariffs imposed by US President Donald Trump in 2025 that have negatively impacted the sector. To counter these difficulties, Bitdeer expanded its self-mining operations and established a US manufacturing facility in 2025. However, this has not been enough to offset losses, leading to a significant stock decline following their Q3 loss announcement.
Bitdeer’s financial struggles extended into the third quarter of 2025, with a net loss of $266.7 million and a drop in revenue by 40%. These losses were followed by a 20% stock drop after news broke of their Q3 results.