Step 1 :Solve for $x$ in the equation $\log _{x} \frac{1}{64}=-2$
Step 2 :Rewrite the logarithmic equation in exponential form: $x^{-2} = \frac{1}{64}$
Step 3 :Solve for $x$ to get the solutions $x = -8$ and $x = 8$
Step 4 :However, in the context of logarithms, the base of a logarithm (x in this case) must be greater than 0 and not equal to 1. Therefore, $x = -8$ is not a valid solution
Step 5 :Final Answer: The solution to the equation is $x = \boxed{8}$