IREN enters European market with Nostrum acquisition
Bitcoin miner IREN has acquired Spanish data center developer Nostrum Group. The deal marks the company’s entry into the European market and is part of its strategy to expand AI cloud infrastructure.
According to IREN’s press release, the acquisition adds about 490 MW of secured, grid-connected power capacity in Spain. Along with these assets, IREN also received a project development pipeline and more than 50 employees across engineering, construction, development and operations.
After the deal, IREN’s global power portfolio grew to about 5 GW. The Spanish capacity accounts for roughly 10% of that total.
Why IREN chose Spain
IREN co-founder and co-CEO Daniel Roberts said Spain combines access to renewable energy with strong fiber connectivity. According to him, this gives the company a base to serve growing demand for AI infrastructure in Europe.
“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is one of the most attractive entry points,” Roberts said.
The acquisition of Nostrum Group is part of IREN’s shift toward AI cloud services. This business can generate more predictable contract-based revenue, while Bitcoin mining is becoming more challenging due to rising network difficulty and BTC price volatility.
The deal also fits into a broader trend among Bitcoin miners building AI infrastructure in Europe. HIVE Digital is converting part of its facility in Sweden for AI computing, while Bitdeer is developing AI data center capacity in Norway.
Why miners are choosing AI
For Bitcoin miners, AI infrastructure has become a way to reduce dependence on BTC prices and network difficulty. In mining, revenue moves with the market: if Bitcoin falls and competition for blocks increases, margins come under pressure. AI cloud services work differently: companies can lease computing capacity under contracts and generate more predictable cash flow.
Miners already have many of the resources needed for data centers: access to electricity, sites, cooling systems and experience managing large-scale computing infrastructure. That is why some companies are moving capacity from mining to AI computing or building new facilities for this demand. IREN, HIVE Digital and Bitdeer are using this model in Europe.
As a reminder, IREN signed a $9.7 billion deal with Microsoft.
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