Alcoa, a renowned aluminum producer, is currently in advanced negotiations to sell its Massena East smelter site to NYDIG, a leading financial services firm, as reported recently. The deal, expected to be finalized by mid-2026, involves the transfer of ownership of the 435 MW New York facility, which currently houses approximately 54,000 bitcoin miners. NYDIG’s interest in the site stems from its strategic stake in Coinmint, a key player in the bitcoin mining industry, since October 2024.
NYDIG’s acquisition of the Massena East campus marks a significant step towards consolidating its presence in the bitcoin mining sector. The deal would grant NYDIG full control over the hydropower-connected campus situated along the St. Lawrence River. Alcoa CEO Bill Oplinger confirmed the ongoing negotiations in an interview, expressing confidence in the deal’s closure by the middle of the year.
The Massena East facility has been operating as a bitcoin mining campus since 2018, following Alcoa’s lease agreement with Coinmint. NYDIG’s investment in Coinmint in 2024 enabled the deployment of its mining rigs at the site, further solidifying its position in the industry. The campus currently utilizes a fraction of its approved 435 MW capacity, hosting an array of bitcoin mining units across former aluminum smelting lines.
The impending sale of the Massena East site is part of Alcoa’s strategic divestment plan, which includes the sale of dormant smelter sites across the U.S. The company’s focus on offering these properties to data center developers and crypto miners aligns with the growing demand for industrial footprints with utility-scale grid access.
NYDIG’s expansion in the bitcoin mining sector has been steady, with the recent agreement to acquire Crusoe Energy’s bitcoin mining business adding over 270 MW of operating capacity to its portfolio. The potential acquisition of the Massena East site would further enhance NYDIG’s physical mining capacity, positioning the firm as a key player in the North American market.
The sale of the Massena East site not only signifies a strategic move by Alcoa but also highlights the growing trend of repurposing industrial sites for digital infrastructure use. By leveraging existing hydropower capacity, operators like NYDIG are able to avoid new power plant construction, appealing to ESG-focused investors seeking carbon-free digital infrastructure solutions.
The strong first-quarter earnings reported by Alcoa alongside the deal news underscore the company’s financial stability and growth prospects. With net income of $425 million and adjusted EBITDA of $595 million driven by favorable aluminum prices, Alcoa remains a key player in the industry.
Overall, the sale of the Massena East site to NYDIG represents a significant development in the bitcoin mining sector, showcasing the potential for repurposing industrial sites for digital infrastructure use. As NYDIG continues to expand its mining capacity, the acquisition of the Massena East campus is poised to further solidify its position in the market.
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