In a significant move, Anthropic has partnered with Google and Broadcom to secure multiple gigawatts of next-generation computing capacity, slated to come online starting in 2027. This commitment is 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 is now directly competing 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 approximately 13 to 25 gigawatts of continuous power, depending on hardware efficiency.
Anthropic's deal, combined with its existing capacity across various platforms, demonstrates the rapid emergence of AI as a major competitor for the same energy infrastructure that miners rely on. Other companies, such as OpenAI, are also building extensive infrastructure portfolios, leading to a significant increase in electricity demand in the United States. As a result, bitcoin miners are faced with the decision to either mine bitcoin or rent their infrastructure to AI companies, with many opting for the latter due to more predictable cash flows. The revenue generated from renting infrastructure to AI companies often surpasses that of mining bitcoin, especially considering the current prices and difficulty levels.
While this shift does not signify the demise of bitcoin mining, it is likely to change the landscape of the industry, with surviving miners potentially transitioning into infrastructure companies that mine bitcoin as a secondary operation while renting their primary asset, affordable power, to the burgeoning AI industry.