NYDIG Plans to Acquire Idle Alcoa Plant, Heavy Industrial Sites Become New Favorites for Bitcoin Mining Farms

BroadChain has learned that at 23:30 on April 19, according to Bitcoinist, Bitcoin mining company NYDIG is in advanced negotiations with Alcoa to acquire its idle smelter in Massena, New York. The transaction is expected to be completed by mid-2026, with specific financial terms undisclosed. The smelter has been closed since 2014 due to rising energy costs and increased overseas competition. NYDIG is attracted by its ready-made heavy industrial infrastructure, including substations, transmission lines, and grid connections, which can handle massive power loads and connect to the New York Power Authority's hydroelectric supply, reducing operational costs and carbon footprint. This is not an isolated case; earlier this year, Century Aluminum sold its Kentucky plant to TeraWulf for $200 million, with the latter planning to transform it into a high-performance computing and AI campus. Following the transaction, its stock price has risen by 80% year-to-date. While many mining companies are shifting to AI and cloud services to hedge against shrinking profits, NYDIG continues to double down on Bitcoin. Last year, its parent company Stone Ridge acquired Crusoe Energy's Bitcoin mining operations. Meanwhile, peers such as MARA Holdings and Hive have chosen to acquire or transition into data centers to enter the AI services sector.