{"id":32056,"date":"2026-06-16T09:46:45","date_gmt":"2026-06-16T09:46:45","guid":{"rendered":"https:\/\/bitunikey.com\/news\/bitcoin-miner-iren-targets-europe-ai-cloud-growth-with-nostrum-deal\/"},"modified":"2026-06-16T09:46:52","modified_gmt":"2026-06-16T09:46:52","slug":"bitcoin-miner-iren-targets-europe-ai-cloud-growth-with-nostrum-deal","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/bitcoin-miner-iren-targets-europe-ai-cloud-growth-with-nostrum-deal\/","title":{"rendered":"Bitcoin miner IREN targets Europe AI cloud growth with Nostrum deal"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">IREN Limited completed its acquisition of Ingenostrum, S.L., known as Nostrum Group, giving the Bitcoin miner a new base for AI cloud growth in Europe.\u00a0<\/p>\n<div id=\"cn-block-summary-block_ca8cdc6295f5c1723fb72a36e649958c\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>IREN\u2019s Nostrum deal adds 490MW in Spain and starts its European AI cloud expansion push.<\/li>\n<li>The acquisition fits a wider shift as Bitcoin miners seek steadier AI infrastructure revenue streams.<\/li>\n<li>HIVE and Bitdeer are also converting mining sites for AI and high-performance computing workloads.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The deal adds about 490 megawatts of secured, grid-connected power in Spain and a local development pipeline, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/iren.gcs-web.com\/static-files\/9987c366-dca9-444a-9361-e7bbd29a4e35\" target=\"_blank\" rel=\"nofollow\">according<\/a> to a Monday press release.<\/p>\n<p>The acquisition also brings more than 50 employees across development, engineering, construction and operations. Nostrum\u2019s operations will continue under the IREN brand, making Spain IREN\u2019s first European market as it expands beyond its existing power footprint.<\/p>\n<p>\u201cEurope is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,\u201d Daniel Roberts, IREN co-founder and co-CEO, said. He cited renewable power and fiber connectivity as reasons for the move.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Nostrum deal supports AI cloud shift<\/strong><\/h2>\n<p>The acquisition comes as IREN moves deeper into AI cloud services. The company said Nostrum gives it secured power today, a development pipeline and a local team that can support European demand for AI infrastructure.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our vertically integrated AI Cloud platform has\u00a0arrived\u00a0in Europe.<\/p>\n<p>Today, IREN\u00a0announced\u00a0it has\u00a0completed the acquisition of Nostrum Group, adding 490MW of secured power\u00a0in Spain\u00a0to serve global demand for AI compute.<\/p>\n<p>\u201cEurope is one of the largest and fastest-growing markets\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/IjoCRY4SC2\">pic.twitter.com\/IjoCRY4SC2<\/a><\/p>\n<p>\u2014 IREN (@IREN_Ltd) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/IREN_Ltd\/status\/2066481092622991572?ref_src=twsrc%5Etfw\">June 15, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe have spent years assembling one of Spain\u2019s most advanced AI infrastructure pipelines,\u201d Gabriel Nebreda, CEO of Nostrum Group, said.\u00a0<\/p>\n<\/blockquote>\n<p>He added that joining IREN would help the group develop the pipeline at the speed and scale Europe\u2019s AI infrastructure demand requires.<\/p>\n<p>IREN\u2019s latest quarterly data shows why the shift matters. For the quarter ended March 31, Bitcoin mining revenue fell to $111.2 million from $167.4 million in the previous quarter. AI cloud services revenue rose to $33.6 million from $17.3 million over the same period.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Mining pressure pushes data center growth<\/strong><\/h2>\n<p>The revenue mix shows how mining economics have changed. IREN said lower average Bitcoin prices and the removal of mining hardware ahead of GPU installation reduced mining revenue. The company also reported a net loss of $247.8 million, including non-cash impairments tied mainly to decommissioned mining hardware.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe world is structurally short compute, and the bottleneck is delivered data center and GPU capacity,\u201d Roberts <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/05\/07\/3290719\/0\/en\/iren-business-update-and-q3-fy26-results.html\" target=\"_blank\" rel=\"nofollow\">said<\/a> in IREN\u2019s Q3 update.\u00a0<\/p>\n<\/blockquote>\n<p>He said this setup plays into IREN\u2019s focus on securing power, developing land, building data centers and bringing compute online at scale.<\/p>\n<p>The company has signed a five-year, $3.4 billion AI cloud contract with NVIDIA and is supporting its $9.7 billion Microsoft cloud deal at Childress in Texas. IREN is targeting 480MW of AI cloud capacity in 2026 and $3.7 billion in annual recurring revenue by year-end.<\/p>\n<h2 class=\"wp-block-heading\"><strong>European miners join the AI race<\/strong><\/h2>\n<p>IREN is not the only Bitcoin miner moving toward AI infrastructure in Europe. HIVE Digital has been <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/press-release\/hive-digital-technologies-surpasses-22-eh-s-and-accelerates-conversion-tier-1-tier-3\" target=\"_blank\" rel=\"nofollow\">converting<\/a> a data center in Boden, Sweden into a Tier-3 liquid-cooled high-performance computing facility designed to support 2,000 NVIDIA GPUs across the European Union.<\/p>\n<p>Bitdeer is also <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/ir.bitdeer.com\/node\/8991\/pdf\" target=\"_blank\" rel=\"nofollow\">preparing<\/a> AI conversions. Its December operations update listed Tydal-2 in Norway as 175MW of online crypto capacity converting to AI by Q4 2026. It also listed AI conversions at Wenatchee, Washington and Knoxville, Tennessee.<\/p>\n<p>The trend reflects a wider shift among miners that already control power, land and cooling infrastructure. As previously noted, public miners are now being valued not only on Bitcoin production, but also on their ability to deliver AI compute capacity under long-term contracts.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IREN Limited completed its acquisition of Ingenostrum, S.L., known as Nostrum Group, giving the Bitcoin miner a new base for AI cloud growth in Europe.\u00a0 Summary IREN\u2019s Nostrum deal adds&hellip;<\/p>\n","protected":false},"author":1,"featured_media":28650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-32056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/32056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=32056"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/32056\/revisions"}],"predecessor-version":[{"id":32057,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/32056\/revisions\/32057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/28650"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=32056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=32056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=32056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}