An application-specific integrated circuit (ASIC) is a chip that has been developed to be a part of a setup known as an ASIC cryptocurrency mining rig. An ASIC miner combines computer hardware and software to mine digital currencies. ASIC miners specialize in one hashing algorithm that determines which cryptocurrencies are mined. Bitcoin is mined using the SHA-256 algorithm, while Ethereum is mined using ETHASH. ASIC miners typically come in the form of a dedicated piece of hardware that needs to be connected to a computer. The hardware does all of the mining work, while the computer is mostly used to provide power and an internet connection.

ASIC miners are ideal for large-scale mining operations since they are more efficient than general-purpose computers or homemade GPU-powered rigs when it comes to mining. ASIC miners can also be used to mine multiple cryptocurrencies, which can further increase their efficiency. Their performance is measured in a hash rate, the number of hashes per second that they can perform, and power consumption. The higher the hash rate of an ASIC miner, the more times it can try to crack the hash in a given period of time. The efficiency of ASIC chips used for mining has increased with every new model that comes out and is measured in terahashes (TH). A more common term to evaluate the performance is terahashes per second (TH/s), which measures the number of cryptographic hashes that can be performed in a second.

The disadvantages of ASIC miners are that they use a lot of electricity and produce heat. They work best in specific conditions, such as within a warehouse with industrial cooling, and may not be suitable for home miners in large quantities. However, most miners power their ASICs through renewable energy, alleviating environmental concerns around mining. Furthermore, miners can quickly switch off their equipment to minimize strain on the local power grid.

The Bitcoin mining company is stumped as to why Bitmain changed the design of the S19 Antminers.
‘Bad batch’ or flawed design? Compass Mining flags problems with new ASIC miners
Brayden Lindrea
Evidence found that Australians were among the top countries targeted in a sophisticated cryptocurrency investment scam network, which has suspected kingpins in...
Aussies revealed as prime targets of Israel crypto scam syndicate
Brayden Lindrea
With the tough conditions that faced Bitcoin miners last year, Iris’ co-founder said the purchase was a “significant milestone” for the company.
Iris Energy to nearly triple hash rate with estimated 44,000 new BTC miners
Jesse Coghlan
The bankrupt crypto mining firm believes that the long-term benefits outweigh the immediate loss of handing over the machines.
Core Scientific to hand over 27K rigs to pay $38M debt
Ezra Reguerra
The new measures from the Australian government come as cryptocurrency scams skyrocketed 162% to $221 million in 2022.
Australia bolsters crypto watchdogs in ‘multi-stage’ plan to fight scams
Brayden Lindrea
Dogecoin shifting to proof-of-stake would be good for the environment, but what impact would it have on miners and ASIC manufacturers?
Rumor has it that Dogecoin could shift to proof-of-stake — What does that mean for miners?
Justin Kramer
Australia’s financial regulator raised concerns about FTX Australia not long after it began operations last March, according to documents.
Aussie regulator flagged concerns about FTX months before collapse: Report
Stephen Katte
How to crypto
To start mining Bitcoin at home, one needs to obtain a Bitcoin wallet and a mining rig, install the Bitcoin mining software, and join a mining pool.
How to mine Bitcoin at home
Jagjit Singh

Follow us on Facebook