Bitcoin Climbs Past $64K as Miners Shift Focus to AI

Bitcoin has continued its upward momentum, surpassing $64,000 as it stands as the only major cryptocurrency to post a notable daily gain. Meanwhile, publicly listed bitcoin miners have reduced their computing power by 21% over the past three quarters in an effort to shift capacity towards AI infrastructure, reflecting weak mining economics and competition for resources.

The reduction in computing power is likely due to the increased costs associated with maintaining large-scale operations, as well as the growing demand for resources from other industries. This trend is exemplified by Venice, an AI platform that has reported over $100 million in annualized revenue, causing its VVV token to rise 10%.

The overall market remains under pressure due to inflation concerns stemming from oil prices surging above $91 a barrel amid geopolitical tensions. The S&P 500 has dipped 0.52%, and investors are cautious ahead of the Federal Reserve's July meeting minutes, which could signal future rate hikes or other economic shifts.