Anthropic has announced a landmark partnership with Google and Broadcom to develop multiple gigawatts of next-generation computing capacity, set to come online in 2027. This significant commitment marks a major milestone for the company, which has seen its revenue growth accelerate to a $30 billion annual run rate from $9 billion at the end of 2025. The substantial scale of AI computing demand now directly competes with bitcoin mining for limited resources, including grid connections, land permits, cooling infrastructure, and affordable electricity.
According to estimates, bitcoin mining consumes approximately 13 to 25 gigawatts of continuous power globally, depending on hardware efficiency. Anthropic's ability to secure multiple gigawatts from a single deal underscores the rapid growth of AI as a major competitor for the same energy infrastructure that miners rely on. The company is not alone in this pursuit, as OpenAI and other industry players are also building out their infrastructure portfolios. The aggregate AI computing buildout has become one of the largest sources of new electricity demand in the United States, coinciding with bitcoin miners' decisions on whether to mine bitcoin or rent their infrastructure to AI companies.
Many miners are opting for the latter, with companies like Core Scientific, Iris Energy, and Hut 8 expanding their AI and high-performance computing revenue. The financials behind this shift are telling, with Anthropic reporting a doubling of business customers spending over $1 million annually on its services in less than two months. While this does not signify the demise of bitcoin mining, the industry's survivors may need to adapt and transform into infrastructure companies that happen to mine bitcoin, while renting their valuable asset – affordable power at scale – to the rapidly growing AI industry.