Iren’s recent acquisition has effectively absorbed European power grid resources. With 490MW of connected capacity plus a mature team, the story of mining companies shifting to AI cloud computing is getting harder to dismiss—because the key is that electricity is the moat. The question now is whether they can get the computing power utilization rate up and running.

Crypto World News reports that Wu said that Bitcoin mining company Iren announced the completion of its acquisition of Spanish AI data center developer Nostrum Group, officially entering the European market. This acquisition adds approximately 490MW of grid-connected power resources and future development project reserves to Iren, along with a development, engineering, construction, and operations team of over 50 people. Nostrum will operate under the Iren brand in the future, and the related infrastructure will be used to support its AI cloud computing business development in Europe.