Bitcoin mining firm IREN has acquired Spanish data center construction company Nostrum Group, expanding its European AI cloud infrastructure. The deal adds nearly 490 MW of grid-connected power capacity in Spain and over 50 engineering and operations staff. This brings IREN’s global power capacity to almost 5 GW, with Spain representing around 10% of the total.
Bitcoin mining firm **IREN** has announced its acquisition of Spanish-based data center construction company **Nostrum Group**. This move expands its operations in Europe as part of a strategic push into artificial intelligence cloud services.
The IREN acquisition adds nearly 490 megawatts of grid-connected power capacity in Spain. It also includes ongoing development projects and a team of over 50 engineering and operations staff.
This boosts IREN’s global power generation capacity to almost 5 gigawatts. Spain will contribute approximately 10% of this total infrastructure capacity.
Company Co-Founder and Co-CEO Daniel Roberts stated that Spain offers an optimal mix of sustainable energy and fiber optic connectivity. The acquisition is intended to meet regional demand for AI infrastructure.
Europe is emerging as a fast-growing market for AI computing. The deal provides IREN with an early mover advantage in this competitive segment.
The industry shift sees Bitcoin miners diversifying into AI to reduce reliance on volatile mining income. IREN aims to provide AI cloud computing services through contracts.
Other miners are making similar moves, such as HIVE Digital converting facilities in Sweden and Bitdeer building AI data centers in Norway. Mining remains IREN’s primary revenue source, but AI services are growing rapidly.
For the quarter ending March 31, mining revenue was $111.2 million compared to $33.6 million from AI services. AI cloud revenue grew from $17.3 million the previous quarter, while Bitcoin mining revenue declined from $167.4 million.
IREN attributes part of the mining revenue drop to a decrease in the average Bitcoin price. The company plans to gradually reduce its dependence on mining as it builds its AI infrastructure.
IREN has stated it has around 150,000 GPUs installed or in its pipeline. This portfolio has the potential to generate annual revenues in the billions of dollars.
