Fire Contained at Bitdeer Bitcoin Mining Site in Ohio; No Injuries Reported Amid Stock Decline

A fire broke out Tuesday afternoon at Bitdeer’s bitcoin mining facility under construction in Massillon, Ohio, damaging two unfinished buildings but leaving everyone unharmed.

According to the Massillon Fire Department, crews were called to the site around 2 p.m. ET on November 11 after reports of smoke and flames. Fire Chief Matt Heck said firefighters quickly contained the blaze, which started in one structure on the southeast corner before wind spread it to a nearby building. Both were still under construction, and no mining equipment had been installed at the time.

Heck added that the cause of the fire remains under investigation, with early indications pointing to possible links to ongoing construction activities. There was no sign of foul play, and the damaged structures may still be salvageable.

Bitdeer confirmed the incident on X (formerly Twitter), noting that the fire was extinguished shortly after firefighters arrived. The company said it is assessing the extent of the damage and working with local authorities to determine the cause.

The Singapore-based cryptocurrency mining firm, founded by Bitmain co-founder Jihan Wu, purchased the 19-acre Massillon site for $1.6 million in 2023 through its U.S. subsidiary, White Tail Creek LLC. The facility is part of Bitdeer’s global expansion of data center and mining operations, which span Texas, Washington, Norway, and Bhutan.

The fire came on the same day Bitdeer’s stock (Nasdaq: BTDR) dropped sharply following a disappointing third-quarter earnings release. Shares fell more than 30% during the session and closed down nearly 15% at $15.02, continuing a month-long slide driven by investor frustration over limited updates on the company’s AI infrastructure plans.

Despite the sell-off, Benchmark analyst Mark Palmer reiterated a buy rating with a $38 price target, arguing that the decline reflected “lofty investor expectations” rather than any weakness in Bitdeer’s core business. The company reported revenue up 174% year-over-year to nearly $170 million, with adjusted EBITDA improving from a loss to $43 million.

Still, some analysts expressed concern over the lack of progress updates. VanEck’s Head of Digital Assets, Matthew Sigel, said the report “fell short of expectations,” citing delays in next-generation ASIC development and limited details on AI-related opportunities.

As investigators continue to examine the cause of the Ohio fire, Bitdeer’s operations elsewhere remain unaffected. The company emphasized that safety and transparency remain top priorities as it expands its global footprint.