Bitcoin miner IREN enters Europe with Nostrum acquisition as AI pivot accelerates
IREN completed its acquisition of Spanish data center developer Nostrum Group, expanding into Europe as it grows its AI cloud business. The deal adds about 490 MW of secured, grid-connected power in Spain, plus a development pipeline and more than 50 staff. IREN’s global power portfolio now totals about 5 GW, with Spain accounting for roughly 10%. IREN said Spain’s renewable energy and fiber connectivity make it a strong base for serving European AI infrastructure demand. The acquisition fits a broader shift away from dependence on Bitcoin mining, which faces pressure from rising mining difficulty and volatile BTC prices. In its latest quarter, IREN still earned most revenue from mining, but AI cloud revenue rose sharply. The company is also part of a wider trend of miners converting capacity for AI use in Europe.
