Bitcoin miner IREN has completed its acquisition of the Spanish data center developer Nostrum Group, marking its entry into Europe as the company builds out its artificial intelligence cloud business.
IREN said in a press release on Monday that the acquisition adds about 490 megawatts of secured, grid-connected power in Spain, along with a development pipeline and over 50 employees across engineering, construction, development and operations.
The deal expands IREN’s global power portfolio to about 5 gigawatts, with the Spanish capacity representing about 10% of the total.
IREN co-founder and co-CEO Daniel Roberts said Spain offers a combination of renewable power and fiber connectivity, giving the company a base from which to serve growing European demand for AI infrastructure.
“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,” Roberts said.
The acquisition is part of IREN’s push into AI cloud services, which can provide more predictable, contract-based revenue as rising mining difficulty and volatile Bitcoin (BTC) prices pressure the economics of crypto mining.
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The move also aligns IREN with a broader trend among Bitcoin miners building AI infrastructure in Europe. HIVE Digital has been converting part of its facility in Sweden for AI computing, while Bitdeer is developing AI data center capacity in Norway.
IREN accelerates AI cloud pivot
According to IREN’s results for the quarter that ended March 31, Bitcoin mining remained its largest revenue source. The company reported $111.2 million in mining revenue, compared with $33.6 million from its AI cloud services.
IREN said AI cloud revenue rose from $17.3 million in the previous quarter, while Bitcoin mining revenue fell from $167.4 million. The company attributed the decline in mining partly to lower average BTC prices and the decommissioning of mining hardware.
Bitcoin’s year-to-date chart. Source: CoinGecko
Analysts at Bernstein previously said IREN could eventually phase out much of its Bitcoin mining business as it retrofits existing sites for AI cloud infrastructure. IREN reported having about 150,000 GPUs installed or on order as of March 31, which they estimate could support a $3.7 billion annual revenue run rate.
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