Anthropic has formed a partnership with Google and Broadcom to secure multiple gigawatts of next-generation Tensor Processing Unit (TPU) computing capacity, which is expected to become available starting in 2027. This move represents the company's largest commitment to date, driven by accelerated revenue growth to a $30 billion annual run rate from $9 billion at the end of 2025.
The increasing demand for AI computing power is now directly competing with bitcoin mining for the same limited resources, including grid connections, land permits, cooling infrastructure, and affordable electricity. According to a Cambridge estimate, bitcoin mining globally consumes approximately 13 to 25 gigawatts of continuous power, depending on hardware efficiency. Anthropic's significant investment in AI computing capacity, in addition to its existing capacity across AWS Trainium, Google TPUs, and Nvidia GPUs, highlights the rapid growth of AI as a major competitor for the same energy infrastructure that bitcoin miners rely on.
Furthermore, other companies like OpenAI are also expanding their infrastructure portfolios, leading to a substantial increase in electricity demand in the United States. This shift is occurring at a time when bitcoin miners are reevaluating their operations, considering whether to mine bitcoin or rent their infrastructure to AI companies.
Many miners, such as Core Scientific, Iris Energy, and Hut 8, have already begun to transition their capacity to AI hosting, citing more predictable and lucrative revenue streams. The decision to rent infrastructure to AI companies often pays better than mining bitcoin, especially given the current price and difficulty levels. While this does not signify the end of bitcoin mining, the industry may need to adapt and evolve, with surviving miners potentially transforming into infrastructure companies that happen to mine bitcoin while renting their primary asset – affordable power at scale – to the rapidly growing AI industry.