On November 11, 2025, a fire broke out at Bitdeer Technologies Group’s under‑construction facility in Massillon, Ohio. The blaze destroyed two of the 26 buildings under construction and collapsed the structures, but no injuries were reported. Investigators attribute the fire to welding operations that were fanned by strong winds, a detail confirmed by company chairman and CEO Jihan Wu in a post on X.
The incident occurred before any mining equipment was installed, so Bitdeer’s current operational hashrate of 41.2 EH/s was unaffected. In a statement, Wu said the senior management team was on site and would investigate further, while COO Matt Kong noted that the fire would not impact the company’s existing mining operations.
While the fire is unlikely to affect Bitdeer’s day‑to‑day mining output, the damage could increase construction costs and delay the completion of the Massillon site. The company has not yet released a cost estimate, but it has indicated that the incident may raise overall project expenses and push back the energization schedule for the 21 MW of power that was slated to be online in November.
Bitdeer’s Q3 2025 earnings, released on November 10, showed a strong performance in its core mining business. Revenue rose to $169.7 million, a 173.6% year‑over‑year increase driven by higher self‑mining hashrate and improved pricing. Adjusted EBITDA improved to $43.0 million from a negative $7.9 million in Q3 2024, reflecting better operational leverage and cost control. The company reported a net loss of $266.7 million, largely attributable to non‑cash derivative adjustments, but the gross profit margin expanded to 24.1% from 4.5% in the prior year.
Management emphasized that the fire would not alter the company’s strategic trajectory. Wu said the incident was a “minor setback” in the context of Bitdeer’s broader expansion plan, which includes a 30‑year lease at Hannibal Industrial Park and a 570 MW power capacity addition. Kong highlighted that the company’s AI and HPC initiatives remain on track, noting that the first SEAL04 chip had achieved promising efficiency results and that the AI cloud ARR had grown to $8 million as of October 2025.
The market’s reaction to Bitdeer’s Q3 earnings was muted by investor concerns over the company’s AI/HPC ambitions and delays in the SEAL04 chip, rather than the fire incident itself. The fire’s impact is expected to be limited to construction costs and timelines, and it does not appear to have altered the broader investor sentiment toward the company’s core mining operations.
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