Alcoa is reportedly close to finalizing a deal to sell its dormant Massena East smelter in New York to Bitcoin mining firm New York Digital Investment Group (NYDIG). The transaction, expected to close mid-year, marks a significant shift for the site, which has been inactive since 2014 due to high energy costs and competition. Its existing infrastructure, including hydropower from the New York Power Authority, makes it an attractive acquisition for energy-intensive operations like Bitcoin mining.
This potential sale reflects a broader trend of repurposing retired industrial sites for digital infrastructure, as seen with Century Aluminum’s recent sale of its Hawesville smelter. NYDIG’s expansion into Bitcoin mining infrastructure aligns with a growing industry pivot toward AI and cloud computing, driven by declining margins in traditional mining operations.
Market professionals should note that this trend could enhance the appeal of legacy industrial sites, potentially reshaping asset valuations in the energy and tech sectors.
Source: cointelegraph.com