Spanish data center developer Nostrum Group, adding 490 MW of power capacity as its AI cloud revenue grows.
Bitcoin News
Bitcoin (BTC) miner IREN completed its acquisition of Nostrum Group, a Spanish data center developer, on June 15. The deal marks the company's first operational entry into Europe and adds approximately 490 megawatts of secured, grid-connected power capacity along with an active development pipeline.
More than 50 employees working across engineering, construction, and operations roles were transferred as part of the transaction. IREN's total global power portfolio now stands at roughly 5 gigawatts, with the Spanish assets accounting for approximately 10% of that figure.
Co-founder and co-CEO Daniel Roberts said Spain's renewable energy supply and fiber connectivity make it a suitable base for serving 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.
AI Cloud Revenue Climbs as Mining Income Falls
IREN's results for the quarter ending March 31, 2026, show its two main business lines moving in opposite directions. AI cloud revenue rose to $33.6 million from $17.3 million the prior quarter. Bitcoin mining revenue fell to $111.2 million from $167.4 million over the same period, a decline the company attributed to lower average BTC prices and the retirement of aging hardware.
AI cloud contracts offer predictable, recurring income compared to mining, where returns vary with BTC price movements and network difficulty. IREN had approximately 150,000 GPUs installed or on order as of March 31.
Bernstein Sees Path to $3.7B Annual Revenue Run Rate
Analysts at Bernstein previously said IREN could wind down a significant portion of its mining operations as it converts existing sites into AI compute infrastructure. They estimated the current GPU capacity could support a $3.7 billion annual revenue run rate if the AI cloud business scales as projected.
Related Article: BTC Mining Difficulty Drops 10% in 2nd Biggest Fall of 2026
IREN is not the only BTC miner building compute capacity in Europe. HIVE Digital is converting part of its Sweden facility for AI workloads, and Bitdeer is developing AI data center infrastructure in Norway. Both moves reflect a wider shift among crypto miners toward contract-based compute services as mining economics tighten.
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