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Bitcoin tops $64,000 as miners shift computing to AI

Publicly listed bitcoin miners cut combined computing power by 21% over three quarters as they redeploy capacity to AI, while most other majors drifted lower.

Reported · Written up by our desk · Market Structure

Bitcoin rose above $64,000 Tuesday, posting more than a 1.0% daily gain and the only notable increase among major cryptocurrencies, while the rest of the market slipped or stayed flat, CoinDesk reported.

Analysts cited by CoinDesk said bitcoin remains boxed in the $62,000 to $65,000 range, staying below key moving averages after multiple attempts to break higher. FxPro’s Alex Kuptsikevich said bitcoin has spent four days below its 50-day moving average and remains under its 200-week average, leaving sellers in control for medium- and long-term trends.

CoinDesk also pointed to changes in bitcoin’s underlying infrastructure, noting publicly listed bitcoin miners have cut combined computing power by 21% over the past three quarters. The shift, attributed to weaker mining economics and competition from AI for capital and electricity, comes as miners redeploy capacity to AI infrastructure.

In adjacent crypto news, CoinDesk said Venice, an AI platform, reported it had crossed $100 million in annualised revenue and that its VVV token jumped about 10%. The broader market was otherwise mixed, with ether slightly lower and XRP and dogecoin down on the day.

Latest closeBitcoin $64,165.21 ▲2.1%|XRP $0.995 ▲0.3%|Dogecoin $0.070 ▲0.4%

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