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The incidental astatine the Massillon, Ohio, installation followed the company's Q3 net study connected Monday, showing a nett nonaccomplishment of implicit $266 million.
Bitcoin mining institution Bitdeer confirmed that a occurrence broke retired astatine its installation successful Massillon, Ohio, connected Tuesday, with nary reported casualties.
The occurrence affected 2 of 26 buildings nether operation astatine the Massillon site, which does not person immoderate mining rigs installed, according to an announcement connected Wednesday.
Bitdeer said it “does not expect” the incidental to interaction the company’s operational hashrate, a measurement of the full computing powerfulness commanded by its mining operations.
The aftermath of the occurrence astatine Bitdeer’s Massillon, Ohio, facility. Source: Buckeye DroneThe occurrence came amid fiscal and macroeconomic challenges for Bitdeer and the broader mining manufacture successful 2025, arsenic the assemblage grapples with the interaction of tariffs, rising vigor costs, proviso concatenation issues and accrued competition.
Shares of Bitdeer declined by astir 7.5% connected Wednesday, trading astatine astir $13.90 astatine the clip of this writing, according to Yahoo Finance.
Cointelegraph reached retired to Bitdeer but had not received a effect astatine clip of publication.
Bitdeer’s banal took a deed pursuing quality of Tuesday’s fire. Source: Yahoo FinanceRelated: Bitdeer shares driblet 20% aft posting $266M quarterly loss
2025 is simply a pugnacious twelvemonth for Bitdeer and crypto miners
Bitdeer reported important losses for the past 4 concern quarters, starting with the 4th fourth of 2024, erstwhile the institution posted a nett loss of implicit $530 million.
The losses extended into Q1 2025 erstwhile Bitdeer reported a $3.2 cardinal loss alongside a 40% year-over-year driblet successful revenue, which totaled conscionable implicit $70 cardinal for the quarter. This was followed by a $147 cardinal nonaccomplishment successful Q2.
On Monday, the institution disclosed its Q3 fiscal results, showing a $266.7 cardinal nett loss, which led to its banal plummeting by astir 20% successful 3 days.
Bitdeer Q3 income and nonaccomplishment statement. Source: BitdeerThe institution turned to self-mining operations and established a US-based manufacturing installation successful 2025 to offset shortfalls successful its manufacturing concern from cooling request for mining rigs.
Sweeping commercialized tariffs announced by US President Donald Trump successful 2025 created adjacent much challenges for the beleaguered mining industry, including rising costs and the anticipation that mining equipment mightiness beryllium seized astatine US ports by Customs.
In response, Bitdeer doubled down connected its self-mining strategy successful Q3 by expanding its hashrate and present aims to go 1 of the apical 5 mining companies globally.
Magazine: 7 reasons wherefore Bitcoin mining is simply a unspeakable concern idea
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