Anthropic has unveiled a partnership with Google and Broadcom to secure multiple gigawatts of cutting-edge TPU computing capacity, slated to become operational starting in 2027, marking the company's most substantial commitment 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. This development has significant implications for the bitcoin mining industry, as miners face increasing competition for cheap power. According to estimates, bitcoin mining consumes roughly 13 to 25 gigawatts of continuous power globally, depending on hardware efficiency.
Anthropic's acquisition of multiple gigawatts, in addition to its existing capacity across various platforms, demonstrates the rapid growth of AI as a major competitor for the same energy infrastructure that miners rely on. The aggregate AI computing expansion represents one of the largest sources of new electricity demand in the United States, coinciding with bitcoin miners' decisions to either mine bitcoin or rent their infrastructure to AI companies.
This decision is increasingly favoring the latter, as several mining companies have converted their capacity to AI hosting or expanded their AI and high-performance computing revenue. The economics of mining are becoming less sustainable, with some companies selling their bitcoin holdings to maintain operations.
In contrast, renting infrastructure to AI companies offers a more stable and predictable revenue stream. As the bitcoin network's hashrate continues to reach record levels, the miners that survive the current cycle may need to adapt and diversify their operations, potentially shifting their focus from energy production to infrastructure provision, and leveraging their access to cheap power to support the growing AI industry.