Anthropic has entered into a significant partnership with Google and Broadcom to secure multiple gigawatts of next-generation computing capacity, which is expected to become available starting in 2027. This development is poised to reshape the landscape of industries that rely on affordable electricity, including bitcoin mining. The AI company's commitment to this partnership marks its most substantial to date, with revenue growth accelerating to a $30 billion annual run rate from $9 billion at the end of 2025. The growing 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 estimates, bitcoin mining currently draws between 13 to 25 gigawatts of continuous power globally, depending on hardware efficiency. Anthropic's ability to secure multiple gigawatts through a single deal underscores the rapid growth of AI as a major competitor for energy infrastructure.
Other companies, such as OpenAI, are also expanding their infrastructure portfolios, leading to an aggregate AI compute buildout that represents one of the largest sources of new electricity demand in the United States. This shift is occurring at a time when bitcoin miners are reassessing their operations and considering whether to mine bitcoin or rent their infrastructure to AI companies. The decision is increasingly favoring the latter, with several mining companies converting their capacity to AI hosting or expanding their AI and high-performance computing revenue.
The economics of mining are becoming less sustainable, with many miners selling their bitcoin holdings to stay afloat. In contrast, renting infrastructure to AI companies offers a more predictable and lucrative revenue stream.
While this does not necessarily mean the demise of bitcoin mining, the industry is likely to undergo significant changes, with surviving miners potentially evolving into infrastructure companies that mine bitcoin on the side while renting their primary asset – affordable power at scale – to the rapidly growing AI industry.