"Alcoa is pursuing a broader plan to divest a group of idle US smelter assets, having identified ten dormant sites for potential sale as it shifts focus toward higher-margin operations."
"The Massena East smelter draws power from the New York Power Authority hydropower system, making it valuable for digital asset mining operations due to its stable electricity supply."
"NYDIG has expanded its presence in industrial-scale mining infrastructure over the past two years, building exposure through partnerships and acquisitions, including involvement with Coinmint at the Massena campus."
"The planned transaction would transfer control of the smelter site itself to NYDIG and expand its operational capabilities in the bitcoin mining sector."
Alcoa is in negotiations to sell its inactive Massena East aluminum smelter in New York to NYDIG, a bitcoin mining firm. The smelter has been closed since 2014 due to high energy costs and competition. Alcoa aims to divest several idle smelter assets, focusing on higher-margin operations. The Massena East site is valuable for digital asset mining due to its access to stable hydropower. NYDIG has been expanding its mining infrastructure and has a stake in Coinmint, which operates at the Massena campus.
Read at Bitcoin Magazine
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