Crypto Terms:
Letter A
What is ASIC?
Meaning:
ASIC -
a device designed for cryptocurrency mining.
Let's find out ASIC meaning, definition in crypto, what is ASIC, and all other detailed facts.
ASIC stands for "application-specific integrated circuit". They are devices designed to act as crypto-mining machines.
New Bitcoin (BTC) currency is created by verifying the blocks via the Proof-of-Work consensus mechanism. The cryptocurrency is mined using CPUs and GPUs.
However, regular computers cannot handle the amount of computing power required to mine cryptocurrency. The process requires very intensive use of electricity and energy resources.
ASICs were designed to solve the issues of crypto-mining. They are developed solely for the purposes of mining, with some ASICs built to meet the needs of mining particular cryptocurrencies. Furthermore, ASICs can maximize the computing power used for mining while minimizing energy consumption.
All large-scale mining has been moved to ASICs. They are established in data centers that offer closely controlled environments. Mining using ASICs is usually conducted in countries that offer cheap power resources.
There are specific factors taken into account to determine the profitability potential of specific ASICs:
- Hashes-per-second generated by the hardware;
- The total hashrate across the entire network;
- The overall value of the coin or token mined by the ASIC;
- The energy consumption rate per each generated hash;
- The initial hardware costs.
There are specific directories dedicated to tracking real-time values of the most efficient ASICs in the world. These directories also provide data on the break-even point for varying ASIC models, which reveals how long it takes for the ASIC unit to generate income worth the same value as the hardware.
Some of the most popular ASIC manufacturers are ASICminer, Bitmain, Innosilicon, and MicroBT. While costs may vary depending on the availability of materials and power expenses, the most efficient ASICs may cost several thousand dollars.
ASICs (Application Specific Integrated Circuits) are bits of hardware that are purpose-specific. They are meant to mine <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum, <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, and other cryptocurrencies.<\/p>\n<p>Several well-known cryptocurrencies (e.g., Bitcoin) use <strong>Proof-of-Work (PoW) consensus algorithms. <\/strong>PoW is a decentralized consensus technique that compels network participants to solve random mathematical puzzles in order to prevent anyone from manipulating the system.<\/p>\n<p>PoW GPUs often excel at parallel processing and do it quicker and with greater energy efficiency than CPUs. Then, if it becomes commercially feasible, chip makers create <strong>ASIC miners<\/strong> for a specific mining algorithm.<\/p>\n<p>ASIC miners are better at mining since their built to do this one unique task. Besides, since the fundamental objective of an ASIC is to conduct as many hashing operations per second as possible, they are superior to GPU for mining Bitcoin, or other ASIC-mineable PoW coins.<\/p>\n<p>Besides, Bitcoin ASIC miners nowadays are superior at performance compared to desktop PCs, leaving the latter obsolete in current mining. However, when a power outage occurred in Northern China in 2021, the Bitcoin hash rate quickly went down. This was the evidence that the independent nature of the very first cryptocurrency might come to an end.<\/p>\n<p>In this case, <strong>ASIC-resistance becomes a defensive tactic.<\/strong> Yes, it has no assurance that any hashing algorithm can avoid the construction of an ASIC miner if the fundamental cryptocurrency price makes it financially viable.<\/p>\n<p>However, <strong>ASIC-resistant cryptocurrencies are more relatively arranged<\/strong> and can be mined on basic consumer PCs. The adaptability might bring more people who wish to participate in mining. And, in the end, this prevents an ASIC arms race, which keeps average people out, and makes the mining process less capital-intensive, in general.<\/p>\n<p>Furthermore, while this type of network does not exclude the creation of massive <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-farm/">mining farms<\/strong><\/strong><\/a> near hydroelectric dams, it does ensure that they don’t completely control the sector. It can also be fractured and geographically distributed.<\/p>","definition":"a term used to describe digital currencies that are less susceptible to ASIC mining.","status":"published","meta_title":"What is ASIC-Resistant? Definition & Meaning | Crypto Wiki","meta_description":"ASIC-Resistant meaning: ASIC-Resistant - The phrase ASIC-Resistant refers to mining and blockchain algorithms that are intended to provide ASICs no advantage over customer-grade hardware.","meta_keywords":null}"
:prev-section="{"id":59,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Slang","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:58.000000Z","updated_at":"2024-01-09T22:34:32.000000Z","slug":"what-is-ashdraked","title":"What is Ashdraked?","section":"A","keyword":"Ashdraked","content":"<p><strong>Ashdraking<\/strong> is the <strong>complete loss of all capital invested by a trader<\/strong>. The term relates directly to a loss experienced after shorting <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a>. The phenomenon was named after a Romanian Bitcoin trader known by the pseudonym “Lord Ashdrake”. Lord Ashdrake was a well-known <strong>cryptocurrency skeptic<\/strong> in the Bitcoin community.<\/p>\n<p>His strategy relied on <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-short/">shorting Bitcoin<\/strong> – expecting the cryptocurrency to lose its value. His strategy saw considerable success between 2014 and 2015, a period when Bitcoin had lost nearly half its total value. Lord Ashdrake was known for encouraging other traders to adopt a shorting strategy.<\/p>\n<p>Prior to the incident, Ashdrake notably shorted Bitcoin when the cryptocurrency broke $300. In the following weeks after this drop, Bitcoin prices saw a rapid increase, nearly going up to $600. Lord Ashdrake maintained his short position, ultimately leading to him losing his entire invested capital.<\/p>\n<p>In 2017, the <strong>Chicago Board Options Exchange (CBOE)<\/strong> started allowing traders to trade <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-futures/">Bitcoin futures<\/strong><\/a>. This is a process of placing bets on the BTC price without the risk of actually holding cryptocurrency. This was noted in the financial press, with crypto-skeptics predicting that large short positions would be held by institutional investors predominantly.<\/p>\n<p>The predictions wound up being inaccurate, as Bitcoin futures saw huge rises without a few hours. As a consequence, prominent brokers started forbidding their clients from taking short positions. The general fear was that shorting Bitcoin futures could lead to investors getting “<strong>Ashdraked<\/strong>”.<\/p>","definition":"the loss of a trader\u2019s entire invested capital after shorting Bitcoin; named after Bitcoin trader under the pseudonym \u201cLord Ashdrake\u201d.","status":"published","meta_title":"What is Ashdraked? Definition & Meaning | Crypto Wiki","meta_description":"Ashdraked meaning: Ashdraked - the loss of a trader\u2019s entire invested capital after shorting Bitcoin; named after Bitcoin trader under the pseudonym \u201cLord Ashdrake\u201d.","meta_keywords":null}"
:model="{"id":60,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/ASIC","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:58.000000Z","updated_at":"2024-01-09T22:41:02.000000Z","slug":"what-is-asic","title":"What is ASIC?","section":"A","keyword":"ASIC","content":"<p>ASIC stands for \"application-specific integrated circuit\". They are devices designed to act as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-rig/">crypto-mining machines<\/strong><\/a>.<\/p>\n<p>New <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a> currency is created by verifying the blocks via the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work consensus mechanism<\/strong><\/a>. The cryptocurrency is mined using CPUs and GPUs.<\/p>\n<p>However, regular computers cannot handle the amount of computing power required to mine cryptocurrency. The process requires very intensive use of electricity and energy resources.<\/p>\n<p><strong>ASICs were designed to solve the issues of crypto-mining<\/strong>. They are developed solely for the purposes of mining, with some ASICs built to meet the needs of mining particular cryptocurrencies. Furthermore, ASICs can maximize the computing power used for mining while minimizing energy consumption.<\/p>\n<p>All large-scale mining has been moved to ASICs. They are established in data centers that offer closely controlled environments. Mining using ASICs is usually conducted in countries that offer cheap power resources.<\/p>\n<p>There are specific factors taken into account to determine the profitability potential of specific ASICs:<\/p>\n<ul>\n<li>Hashes-per-second generated by the hardware;<\/li>\n<li>The total <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hash-power-hashrate/">hashrate across the entire network;<\/li>\n<li>The overall value of the coin or token mined by the ASIC;<\/li>\n<li>The energy consumption rate per each generated hash;<\/li>\n<li>The initial hardware costs.<\/li>\n<\/ul>\n<p><strong>There are specific directories dedicated to tracking real-time values of the most efficient ASICs in the world.<\/strong> These directories also provide data on the break-even point for varying ASIC models, which reveals how long it takes for the ASIC unit to generate income worth the same value as the hardware.<\/p>\n<p>Some of the most popular ASIC manufacturers are ASICminer, Bitmain, Innosilicon, and MicroBT. While costs may vary depending on the availability of materials and power expenses, the most efficient ASICs may cost several thousand dollars.<\/p>","definition":"a device designed for cryptocurrency mining.","status":"published","meta_title":"What is ASIC? Definition & Meaning | Crypto Wiki","meta_description":"ASIC meaning: ASIC - application-specific integrated circuit; acronym. A device designed for cryptocurrency mining.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="A"
current-section="what-is-asic">
