Bitcoin miner IREN acquisition of Spain’s Nostrum Group gives the AI cloud company 490MW of secured grid-connected power in Europe.
One of the largest publicly traded Bitcoin mining companies in the world, IREN (formerly known as Iris Energy), said on June 15 that it completed the acquisition of Ingenostrum, a Spain-based developer of grid-connected AI data centers known as Nostrum Group.
The deal, according to a Monday press release, gives IREN its first European market entry, along with an additional development pipeline in Spain.
Nostrum also brings more than 50 employees across development, engineering, construction and operations. The company didn’t disclose a purchase price.
Read also: Bitcoin Mining Shift to AI Threatens Blockchain Security Outlook: Capriole
Spain Becomes IREN’s European Base
IREN is using the deal to add power capacity in a market where AI data center demand is running into the same constraint seen elsewhere, which is access to large amounts of grid-connected electricity.
The company said Spain offers renewable power and strong fiber connectivity, making it a target market for AI infrastructure in Europe. Daniel Roberts, IREN’s co-founder and co-CEO said:
“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity.”
Roberts said Nostrum gives IREN secured power, a development pipeline and a local team, though the announcement didn’t give a buildout schedule for the Spanish sites.
From Bitcoin Mining to AI Compute
The acquisition also shows how IREN is repositioning itself around AI after building its business in Bitcoin mining and energy-heavy data centers.
IREN describes itself as a vertically integrated AI cloud provider, with data centers and GPU clusters used for AI training and inference. Its platform is built around grid-connected land and power in renewable-rich regions across North America, Europe and APAC.
IREN initiated its strategic shift from Bitcoin mining to AI cloud services and high-performance data centers throughout 2025. That transformation accelerated with infrastructure developments and a landmark $9.7 billion AI agreement with Microsoft in late 2025.
Read more: Bitcoin Mining Difficulty Crashes 10% — What Happened?
