IREN Completes Nostrum Group Acquisition to Enter European AI Data Center Market

IREN Enters Europe With Spanish AI Data Center Acquisition

The acquisition adds about 490 megawatts of secured power in Spain as IREN expands beyond Bitcoin mining and builds its European AI cloud platform. 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. 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.

Iren Closes Acquisition of Spanish AI Data Center Developer Nostrum Group

IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.