Bitdeer's New Bitcoin Mining Facility in Ohio Caught on Fire
A fire broke out at Bitcoin miner Bitdeer's construction site in Massillon, Ohio, affecting two of the 26 buildings. No injuries were reported, and no mining equipment was installed in the affected buildings. The fire was extinguished quickly, and the cause is under investigation. Bitdeer states the incident will not impact its operational hashrate. The company, which has sites globally, reported a Q3 net loss of $266.7 million, leading to a significant drop in its share price. Bitdeer is also diversifying its operations due to the rise in demand for generative AI computing power.
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Fire Incident at Bitdeer's Massillon Site
A fire broke out at Bitdeer's Massillon, Ohio facility, affecting two buildings, the company announced. The incident occurred on Tuesday, Nov 11, at around 2 PM, and was swiftly extinguished by the local fire department. No injuries were reported. The company stated that the facility is still under construction and an investigation is ongoing to determine the cause and extent of the damage.
Impact of the Fire on Operations
According to Bitdeer, the fire only impacted two out of the 26 total buildings at the site, and none of the mining equipment had been installed at the affected buildings. The firm assured that the incident will not affect its current operational hashrate. Additionally, the first electrical power connection at the site is still expected to happen this month per a recent investor update.
Fire Investigation Details
Fire Chief Matt Heck, in an interview with The Canton Repository, stated that the blaze “didn’t appear to be anything intentional,” though the investigation into its cause and the full extent of the damage remains ongoing. Bitdeer, headquartered in Singapore, operates multiple facilities in Ohio, as well as in Texas, Norway, and other global locations.
Bitdeer's Financial Struggles
This fire comes at a time when Bitdeer is facing financial challenges. The firm reported a net loss of $266.7 million during its Q3 earnings call earlier this week. This announcement caused shares of Nasdaq-listed BTDR to drop by nearly 20%, closing Monday at $17.64. Shares continued to fall, dropping another 6% on Wednesday and reaching $14.10—a decline of over 31% in the last five trading days.
Expansion into AI and Computing Power
Despite the challenges, Bitdeer is diversifying beyond crypto mining, aiming to capture opportunities in the growing demand for computing power driven by generative artificial intelligence (AI). This marks a strategic shift for the firm as it seeks long-term growth in the rapidly evolving tech landscape.