Svmuu News Alcoa is reportedly close to finalizing a deal to sell its long-idled Massena East aluminum smelter in New York to bitcoin mining firm NYDIG. Company CEO Bill Oplinger stated that the transaction is expected to be completed by mid-year.

The smelter, which was shut down in 2014 due to rising energy costs and increased global competition, boasts well-established infrastructure including substations, transmission lines, and high-capacity grid access, making it highly attractive to bitcoin mining and data center operators. Furthermore, the site has access to hydropower resources provided by the New York Power Authority, which helps reduce energy costs and enhance its low-carbon profile.

This move comes as the trend of converting U.S. industrial sites into digital infrastructure gains momentum. Previously, Century Aluminum sold its Hawesville smelter in Kentucky to TeraWulf for $200 million, with plans to repurpose it into a high-performance computing and AI data center.

Concurrently, NYDIG continues to expand its bitcoin mining footprint and already holds a stake in mining firm Coinmint. As mining profitability faces pressure, several mining companies, including MARA, Hive, and Hut 8, are accelerating their pivot towards AI and cloud computing infrastructure. (Cointelegraph)