Bitcoin mining company IREN completed the acquisition of Spanish data center developer Nostrum Group on June 15, 2026. The transaction establishes the official entry of the technology organization into the European Union market.
The commercial agreement incorporates an approximate volume of 490 megawatts of power secured for operations. This entire electrical capacity is currently connected directly to the national power grid within the Spanish territory.
The corporate transaction also adds an advanced pipeline of projects in the technical design phase. Furthermore, it integrates a team of over 50 employees specialized in engineering, construction, regulatory compliance, and regional operations.
This infrastructure expansion was funded through a comprehensive balance sheet overhaul executed by the firm. Executive management previously completed a series of capital raises alongside the repurchase of its outstanding commercial debt.
The global power portfolio of the company dedicated to Bitcoin mining now increases to 5 gigawatts. The capacity secured in Spain specifically represents 10% of the aggregate electrical infrastructure accumulated by the corporate group.
Daniel Roberts, co-founder and co-CEO of the firm, stated that Spain offers a solid combination of renewable energy and fiber connectivity. This geographic foundation will facilitate providing advanced computing services across the continent.
Industry Reconfiguration and Computing Migration
The transition toward cloud infrastructure aims to stabilize financial flows through long-term corporate contracts. These changes occur while rising mining difficulty and asset price volatility place pressure on traditional Bitcoin mining profitability.
This commercial strategy aligns with infrastructure decisions implemented by peer mining organizations. The firm HIVE Digital Technologies continues transforming parts of its facilities in Sweden to adapt its servers for high-intensity data processing.
Concurrently, multinational corporation Bitdeer develops capacity within Norway to construct specialized data centers. Both entities reduce financial risks by retrofitting their physical locations to host complex artificial intelligence workloads.
Financial metrics for the quarterly period ended March 31, 2026, outline the scale of this operational transition. Bitcoin mining generated 111.2 million dollars, remaining the largest source of operational revenue for the group.
Conversely, the artificial intelligence cloud business generated 33.6 million dollars during the same three-month period. This turnover reflects significant growth compared to the 17.3 million dollars reported in the immediate prior quarter.
Executive management specified that traditional mining revenues contracted from the 167.4 million dollars seen previously. The reduction is directly attributed to lower average Bitcoin market prices and the decommissioning of older hardware.
Installed Capacity and Annual Revenue Projections
Projections published by analysis firm Bernstein suggest that the operator could gradually decrease its dependence on Bitcoin mining. The long-term strategic roadmap focuses on retrofitting physical plants to give absolute priority to cloud computing.
The organization reported that, as of March 31, 2026, it deployed 150,000 graphics processing units installed or on order. This technological stack could support an estimated annualized revenue run rate of 3.7 billion dollars.
The execution of the new operational phases across the Iberian Peninsula remains subject to verification by regional regulatory bodies. The corporate group expects to complete the structural integration of the technical staff before the current fiscal year concludes.
Institutional investors remain attentive to imminent grid connection audits that will validate the final power modules. These financial datasets will help project the exact scalability rate of the new European data centers during the next semester.
This article is for informational purposes only and does not constitute financial advice.
