1. definition

An Application Specific Integrated Circuit (ASIC) is a type of hardware that is optimized to solve a specific algorithm, primarily for the purpose of mining cryptocurrencies.

ASICs can generate significantly more hash power than standard consumer hardware, providing them with a substantial advantage. In fact, ASICs are often so powerful that they are typically the only profitable method of mining certain cryptocurrencies.

2. information

ASICs are predominantly used for mining cryptocurrencies that utilize consistent algorithms. However, they can be designed and optimized for any set of algorithms.

Some cryptocurrencies attempt to resist ASIC mining by frequently changing their algorithms in unpredictable patterns. The effectiveness of this strategy is still under debate. Given enough time and resources, it's possible that any algorithm could be optimized for ASIC mining.

* All terms and definitions may update as the Cryptionary improves.