Bitcoin miner IREN has accomplished its acquisition of the Spanish knowledge middle developer Nostrum Group, marking its entry into Europe as the corporate builds out its synthetic intelligence cloud enterprise.
IREN stated in a press launch on Monday that the acquisition provides about 490 megawatts of secured, grid-connected energy in Spain, together with a growth pipeline and over 50 staff throughout engineering, building, growth and operations.
The deal expands IREN’s international energy portfolio to about 5 gigawatts, with the Spanish capability representing about 10% of the full.
IREN co-founder and co-CEO Daniel Roberts stated Spain presents a mix of renewable energy and fiber connectivity, giving the corporate a base from which to serve rising European demand for AI infrastructure.
“Europe is without doubt one of the largest and fastest-growing markets for AI infrastructure, and Spain is amongst its most compelling entry factors,” Roberts stated.
The acquisition is a part of IREN’s push into AI cloud providers, which may present extra predictable, contract-based income as rising mining problem and unstable Bitcoin (BTC) costs strain the economics of crypto mining.
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The transfer additionally aligns IREN with a broader development amongst Bitcoin miners constructing AI infrastructure in Europe. HIVE Digital has been changing a part of its facility in Sweden for AI computing, whereas Bitdeer is growing AI knowledge middle capability in Norway.
IREN accelerates AI cloud pivot
Based on IREN’s outcomes for the quarter that ended March 31, Bitcoin mining remained its largest income supply. The corporate reported $111.2 million in mining income, in contrast with $33.6 million from its AI cloud providers.
IREN stated AI cloud income rose from $17.3 million within the earlier quarter, whereas Bitcoin mining income fell from $167.4 million. The corporate attributed the decline in mining partly to decrease common BTC costs and the decommissioning of mining {hardware}.
Bitcoin’s year-to-date chart. Supply: CoinGecko
Analysts at Bernstein beforehand stated IREN may ultimately section out a lot of its Bitcoin mining enterprise because it retrofits current websites for AI cloud infrastructure. IREN reported having about 150,000 GPUs put in or on order as of March 31, which they estimate may help a $3.7 billion annual income run price.
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