Anthropic has formed a partnership with Google and Broadcom to secure multiple gigawatts of next-generation TPU compute capacity, slated to come online in 2027, marking the company's largest commitment to date as it achieves a $30 billion annual revenue run rate, up from $9 billion in 2025. This massive demand for AI computing power now directly competes with bitcoin mining for limited resources such as grid connections, land permits, cooling systems, and affordable electricity. According to a Cambridge estimate, bitcoin mining globally consumes approximately 13 to 25 gigawatts of continuous power, depending on hardware efficiency.
Anthropic's ability to secure multiple gigawatts through a single deal, in addition to its existing capacity across various platforms, highlights the rapid growth of AI as a major competitor for the same energy infrastructure that miners rely on. Other companies like OpenAI are also expanding their infrastructure, resulting in a significant increase in electricity demand in the United States.
This surge in demand coincides with bitcoin miners' decisions on whether to mine bitcoin or rent their infrastructure to AI companies, with many opting for the latter due to more predictable cash flows. While bitcoin mining revenue fluctuates with the cryptocurrency's price and network difficulty, renting infrastructure to AI companies offers a contracted rate. As a result, miners like Core Scientific, Iris Energy, and Hut 8 are shifting their focus towards AI hosting, with some even selling their bitcoin holdings. The revenue generated from these deals tells a story of rapid growth, with Anthropic reporting a doubling of business customers spending over $1 million annually on its services in less than two months.
Although this shift does not signify the demise of bitcoin mining, the industry's survivors may evolve to resemble infrastructure companies that mine bitcoin while renting their excess capacity to the burgeoning AI industry.