Bitcoin miner IREN targets Europe AI cloud growth with Nostrum deal

IREN completed its acquisition of Spain-based Ingenostrum (Nostrum Group), adding about 490MW of secured grid-connected power and a local team as it expands its AI cloud business into Europe. The deal marks Spain as IREN’s first European market and supports the company’s pivot away from pure Bitcoin mining toward higher-margin AI infrastructure and long-term compute contracts. The article highlights broader industry pressure on miners as mining revenue falls amid lower Bitcoin prices and hardware changes, while AI cloud revenue rises. IREN is already tied to major AI deals, including a five-year $3.3 billion AI cloud contract with NVIDIA and a $9.7 billion Microsoft cloud arrangement. Competitors HIVE Digital and Bitdeer are also converting mining infrastructure for AI/HPC use, underscoring a sector-wide shift toward data-center and GPU capacity.