Bitcoin miner IREN is entering the European market. The company has acquired Nostrum, adding roughly 490 megawatts of secured power in Spain. The deal marks a shift: IREN isn't just mining bitcoin anymore — it's building an AI cloud platform in Europe.
The Spain play
The acquisition gives IREN a foothold in Spain with 490 MW of secured power. That's a lot of electricity, and it's the kind of asset that can power both bitcoin mining rigs and the energy-hungry GPUs needed for AI compute. IREN didn't say exactly where in Spain the power is located, but the country has been attracting crypto miners and data center operators thanks to its renewable energy mix and relatively low industrial electricity costs.
From mining to AI cloud
IREN is expanding beyond its core bitcoin mining business. The company is building a European AI cloud platform, and this acquisition gives it the power capacity to support that. The move mirrors a broader trend: miners with access to cheap power are repurposing some of that capacity for AI workloads, which can generate higher and more stable revenue. IREN now has a physical presence in Europe to go along with its existing operations.
IREN will integrate Nostrum's assets and begin deploying its AI cloud platform in the region. The company hasn't disclosed a timeline for when the platform will go live, but the power is secured. For a miner that started in North America, this is a big step into a new continent. The deal also gives IREN a hedge: if bitcoin mining margins tighten, the AI cloud business can pick up the slack.
