Bitcoin miner IREN has completed its acquisition of Spanish data center developer Nostrum Group, marking its entry into the European market. The deal adds approximately 490 megawatts of secured, grid-connected power in Spain and over 50 employees. This move supports IREN’s strategic pivot toward building an artificial intelligence cloud business, seeking more predictable revenue streams alongside the volatile economics of cryptocurrency mining.
Bitcoin mining company IREN has finalized its acquisition of the Spanish data center developer Nostrum Group. The deal provides IREN with about 490 megawatts of secured power in Spain and expands its global portfolio to roughly 5 gigawatts.
Co-founder Daniel Roberts stated that Spain offers renewable power and fiber connectivity. “Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,” he said.
The acquisition aligns with a broader trend of miners building AI infrastructure in Europe. HIVE Digital has been converting part of its Swedish facility, while Bitdeer is developing capacity in Norway.
For the quarter ending March 31, IREN reported Bitcoin mining revenue of $111.2 million. Its AI cloud services generated $33.6 million during the same period.
The company attributed a sequential decline in mining revenue partly to lower average Bitcoin prices. AI cloud revenue rose from $17.3 million in the prior quarter.
IREN had about 150,000 GPUs installed or on order as of March 31. Analysts estimate this hardware could support a substantial annual revenue run rate for its AI business.
