Anthropic has formed a partnership with Google and Broadcom to develop multiple gigawatts of next-generation TPU compute capacity, set to launch in 2027. This commitment marks the company's largest to date, with revenue growth accelerating to a $30 billion annual run rate from $9 billion at the end of 2025.
The increasing demand for AI compute is now directly competing with bitcoin mining for limited resources, including energy infrastructure, land permits, and affordable electricity. A recent estimate suggests that bitcoin mining consumes approximately 13 to 25 gigawatts of continuous power worldwide, depending on hardware efficiency. Anthropic's acquisition of multiple gigawatts through this deal, in addition to its existing capacity across various platforms, highlights the rapid growth of AI as a major competitor for energy infrastructure. Other companies, such as OpenAI, are also expanding their infrastructure, resulting in a significant increase in electricity demand in the United States.
This surge in demand is coinciding with bitcoin miners' decisions on whether to continue mining or rent their infrastructure to AI companies. Many miners, including Core Scientific, Iris Energy, and Hut 8, are opting to rent their infrastructure to AI companies, citing more predictable cash flows and higher revenue. The revenue generated from renting infrastructure to AI companies can be more lucrative than mining bitcoin, especially with the current price and difficulty levels.
While this trend does not signify the demise of bitcoin mining, it may lead to a shift in the industry, with miners evolving into infrastructure companies that happen to mine bitcoin while renting their primary asset, affordable energy, to the rapidly growing AI sector.