Bitcoin Miner IREN Expands Into Europe With Nostrum Deal as AI Strategy Grows

Bitcoin mining company IREN has acquired Spanish data center developer Nostrum Group, marking its official entry into Europe as it accelerates its shift toward artificial intelligence infrastructure.

The company announced that the deal adds around 490 megawatts of secured grid-connected power in Spain, along with an existing development pipeline and more than 50 employees across engineering, construction, and operations. With this expansion, IREN’s global energy portfolio now reaches roughly 5 gigawatts, with Spain accounting for about 10% of total capacity.

IREN co-founder and co-CEO Daniel Roberts said Spain provides strong access to renewable energy and fiber connectivity, making it an attractive base for scaling AI infrastructure across Europe.

AI Cloud Growth Becomes Key Revenue Driver

IREN’s move reflects a broader industry shift as Bitcoin miners diversify into AI cloud services to reduce reliance on volatile mining revenues.

For the quarter ending March 31, the company reported $111.2 million in Bitcoin mining revenue compared with $33.6 million from AI cloud services. However, AI revenue has been rising quickly, increasing from $17.3 million in the previous quarter.

Mining revenue declined during the period due to lower Bitcoin prices and the shutdown of some mining hardware, while AI demand continued to expand.

Strategic Shift Toward AI Infrastructure

Analysts at Bernstein have suggested that IREN could eventually transition much of its business away from Bitcoin mining toward AI-focused data centers. The company also reported having around 150,000 GPUs installed or on order, which could support an estimated $3.7 billion annual revenue run rate.

The acquisition places IREN alongside other mining firms expanding into AI infrastructure, including HIVE Digital in Sweden and Bitdeer in Norway, as competition grows in the global AI computing market.