Bitcoin mining company IREN has entered the European market by buying Spanish data centre developer Nostrum Group. This move strengthens IREN’s push into artificial intelligence infrastructure and cloud services.
The deal adds about 490 megawatts of secured, grid-connected power in Spain, plus a development pipeline and over 50 employees. After this acquisition, IREN’s global power portfolio is now around 5 gigawatts.
Co-founder and co-CEO Daniel Roberts said Spain has a good mix of renewable energy and strong fibre connections, making it a great place to meet Europe’s growing demand for AI computing infrastructure.
This deal is part of a bigger trend where Bitcoin miners are moving into AI-related businesses. As mining gets harder, competition grows, and Bitcoin prices change, many companies are looking for steadier income from data centres and cloud computing.
Bitcoin mining is still IREN’s biggest source of revenue, but its AI cloud division is growing fast. In the quarter ending March 31, AI cloud revenue went up a lot, while mining revenue dropped because of lower Bitcoin prices and the retirement of old mining equipment.
Analysts think IREN could shift much of its business to AI infrastructure in the future. The company already has about 150,000 GPUs installed or on order, which some say could bring in billions in yearly revenue. Expanding into Europe is another big step in IREN’s move from crypto mining to AI infrastructure.
Our vertically integrated AI Cloud platform has arrived in Europe.
Today, IREN announced it has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute.
“Europe is one of the largest and fastest-growing markets… pic.twitter.com/IjoCRY4SC2
— IREN (@IREN_Ltd) June 15, 2026
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