Bitcoin Miner IREN Expands into Europe with AI Cloud Pivot
By John Nada·Jun 17, 2026·2 min read
Bitcoin miner IREN expands into Europe by acquiring Spain's Nostrum Group, pivoting towards AI cloud services to counter crypto mining volatility.
On Monday, Bitcoin miner IREN announced its acquisition of the Spanish data center developer Nostrum Group, marking its strategic move into the European market. This acquisition isn't just a geographic expansion; it's a calculated pivot towards artificial intelligence cloud services, as disclosed in IREN's recent press release. The deal adds a hefty 490 megawatts of secured power in Spain, contributing to IREN's global power portfolio, now totaling 5 gigawatts.
Spain, with its renewable energy resources and robust fiber connectivity, presents a promising frontier for AI infrastructure. Daniel Roberts, IREN's co-founder and co-CEO, emphasized the significance of this move, noting that Europe is a burgeoning market for AI, with Spain serving as a compelling gateway for this sector.
But why AI? The economics of crypto mining are shifting. Increasing mining difficulty and volatile Bitcoin prices have been squeezing margins. Enter AI cloud services — offering more predictable, contract-based revenue streams. According to Cointelegraph, IREN isn't alone in this strategic shift; other Bitcoin miners like HIVE Digital and Bitdeer are also retrofitting facilities in Europe for AI capabilities.
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The numbers speak volumes. In the quarter ending March 31, IREN's Bitcoin mining brought in $111.2 million, down from $167.4 million in the previous quarter, partly due to declining Bitcoin prices and decommissioning of older mining hardware. Meanwhile, its AI cloud revenue rose to $33.6 million from $17.3 million, indicating a promising trajectory.
IREN's future bets heavily on AI, supported by its 150,000 GPUs ready to power this endeavor. Analysts at Bernstein suggest that IREN may eventually phase out much of its Bitcoin mining operations as AI becomes a primary focus. The shift signifies a broader trend among miners seeking new revenue avenues beyond the volatile crypto landscape.
For IREN, the Nostrum acquisition isn't just a deal; it's a declaration of its new direction. The company is setting its sights on transforming its existing sites to support an estimated $3.7 billion annual revenue run rate from AI infrastructure. It's a strategic pivot that could redefine IREN's future in the digital infrastructure space.