Anthropic has unveiled a partnership with Google and Broadcom to secure multiple gigawatts of next-generation computing capacity, slated to come online starting in 2027. This significant commitment marks the company's largest to date, with revenue growth accelerating to a $30 billion annual rate from $9 billion at the end of 2025.
The scale of AI computing demand now directly competes with bitcoin mining for the same limited resources, including grid connections, land permits, cooling infrastructure, and affordable electricity. According to estimates, bitcoin mining globally consumes around 13 to 25 gigawatts of continuous power. Anthropic's acquisition of multiple gigawatts, in addition to its existing capacity across various platforms, highlights the rapid emergence of AI as a major competitor for the same energy infrastructure that miners rely on.
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 or rent their infrastructure to AI companies. This decision is increasingly favoring the latter, with several mining companies converting their capacity to AI hosting or expanding their AI revenue streams. The revenue generated by renting infrastructure to AI companies often surpasses that of mining, especially with bitcoin prices and network difficulty at current levels.
While this shift does not signify the demise of bitcoin mining, the industry's survivors may evolve to resemble infrastructure companies that mine bitcoin while primarily renting their assets to the AI sector.