Bitcoin miner IREN enters Europe with Nostrum acquisition as AI pivot accelerates
Cointelegraph 2026-06-16 08:24:55
Context: Bitcoin miner IREN has acquired Spanish data center developer Nostrum Group, marking its entry into Europe as it expands its artificial intelligence cloud business. The acquisition adds 490 megawatts of secured power in Spain, which will contribute to IREN's goal of building out its European AI cloud platform. This move is part of IREN's strategy to diversify its revenue streams beyond Bitcoin mining.
Key Facts
- IREN has completed its acquisition of Nostrum Group, adding approximately 490 megawatts of secured, grid-connected power in Spain to its global power portfolio, which now stands at around 5 gigawatts.
- The acquisition includes a development pipeline and over 50 employees across engineering, construction, development, and operations, and represents about 10% of IREN's total global power capacity.
- IREN co-founder and co-CEO Daniel Roberts stated that Spain offers a combination of renewable power and fiber connectivity, making it an ideal base for serving growing European demand for AI infrastructure.
- The acquisition is part of IREN's push into AI cloud services, which can provide more predictable, contract-based revenue as the company faces pressure from rising mining difficulty and volatile Bitcoin prices.
- As of March 31, IREN reported having about 150,000 GPUs installed or on order, which could support a $3.7 billion annual revenue run rate, according to analysts at Bernstein.