Bitcoin miner IREN enters Europe with Nostrum acquisition as AI pivot accelerates

Bitcoin miner IREN acquired Nostrum, a European energy company, this week, securing approximately 490 megawatts (MW) of power capacity in Spain. This strategic move marks IREN's significant expansion beyond its core Bitcoin mining operations and signals its accelerated pivot towards building a European artificial intelligence (AI) cloud platform. The acquisition is expected to bolster IREN's infrastructure and capabilities in the rapidly growing AI sector, leveraging its newly acquired energy assets to power its future AI endeavors across the continent. The company aims to integrate these energy resources into its broader AI cloud strategy, positioning itself as a key player in the European AI market.