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Bitcoin miner IREN is entering the European market through the acquisition of Nostrum, a deal that adds approximately 490 megawatts of secured electricity capacity in Spain.
The move marks an accelerating strategic shift away from pure $BTC production and toward what IREN is calling a European AI cloud platform — a business model that repurposes a miner's core competency in power-hungry computing for a different set of customers.
What the Nostrum Acquisition Delivers Secured power — a contractual right to draw a fixed amount of electricity from the grid — is the foundational input for any serious data center operation.
For AI workloads, which demand far more electricity per unit of computation than most commercial computing, 490 megawatts is a meaningful base on which to build GPU infrastructure.
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