Bitcoin climbed above $64,000 on Tuesday, even as most major cryptocurrencies slipped. The move came as miners cut their computing power by a fifth over three quarters to make room for AI, and Venice's token jumped 10% after the company said it crossed $100 million in annualised revenue.
Bitcoin's divergent day
Bitcoin's rise stood out in a market where most other majors traded lower. The cryptocurrency crossed the $64,000 mark, a level it hasn't seen in a while. Meanwhile, the broader crypto market struggled, with altcoins sliding across the board.
Miners make room for AI
Miners have cut their computing power by a fifth over three quarters. That's a significant reduction, and they're doing it to make room for AI. The shift means less hash rate dedicated to securing the Bitcoin network, but it also reflects a growing trend of miners diversifying into AI workloads.
Over the past nine months, the industry has trimmed its computing power by 20%. That's a big chunk, and it's happening as AI companies compete for the same hardware and electricity that miners use.
Venice's revenue milestone
Venice's token jumped 10% after the company said it crossed $100 million in annualised revenue. That's a notable milestone for the project, which has been building out its platform. The revenue figure suggests Venice is gaining traction, and the market responded positively.
The token's gain came on a day when most cryptocurrencies were down, making the move even more striking.
