Anthropic has entered a partnership with Google and Broadcom to secure multiple gigawatts of next-generation computing capacity, expected to go live starting in 2027. This significant 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 substantial demand for AI computing is now directly competing with bitcoin mining for limited resources, including grid connections, land permits, cooling infrastructure, and affordable electricity. According to estimates, bitcoin mining globally consumes approximately 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 growth of AI as a major competitor for the same energy infrastructure that miners rely on.
Other companies, such as OpenAI, are also expanding their infrastructure, leading to an aggregate AI compute buildout that represents one of the largest sources of new electricity demand in the United States. This development coincides with bitcoin miners deciding whether to mine bitcoin or rent their infrastructure to AI companies, with an increasing number 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 energy costs rise and bitcoin's price and difficulty levels remain high, AI rentals often become the more lucrative option.
The expansion is driven by significant revenue 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 adapt to become infrastructure companies that mine bitcoin while renting their primary asset – affordable power at scale – to the rapidly growing AI industry.