IREN Enters Europe with Spanish Data Center Acquisition
IREN, a Bitcoin miner, has made its first operational entry into Europe through the acquisition of Nostrum Group, a Spanish data center developer. The deal was completed on June 15 and adds approximately 490 megawatts of secured power capacity to IREN's total global portfolio.
Nostrum Group brings an active development pipeline and more than 50 employees to IREN, further expanding its reach in the European market. Co-founder Daniel Roberts said Spain is a suitable base for serving European demand for AI infrastructure due to its renewable energy supply and fiber connectivity.
IREN's quarterly results show AI cloud revenue rising to $33.6 million from $17.3 million the prior quarter, while Bitcoin mining revenue fell to $111.2 million from $167.4 million over the same period. The company attributes this decline to lower average BTC prices and the retirement of aging hardware.
Analysts at Bernstein estimate IREN's current GPU capacity could support a $3.7 billion annual revenue run rate if its AI cloud business scales as projected. This shift towards AI compute infrastructure reflects a wider trend among crypto miners, who are converting existing sites into high-capacity computing centers to take advantage of the growing demand for AI infrastructure.