ASIC stands for Application Specific Integrated Circuit. These are special hardware bound devices which are needed to mine the Bitcoins and other crypto currencies. Bitcoin mining is a computerized mining process which employs specialized hardware to take up the typical algorithmic tasks of mining this crypto coins. There has been an upper capping placed by the algorithm which works behind the blockchain technology that only 21 million Bitcoins could ever be mined. And with the advent of a recent surge in the pricing of Bitcoins with the allowance of future trading; more and more people are coming into the domain of mining. This has caused the mining process to become difficult as the number of coins which could be mined is limited and more people into mining means more intensive competition. The competition makes it difficult to for people having the ordinary hardware to mine the Bitcoins. Hence, ASIC and GPUs and Graphics have been widely deployed on a worldwide scale to scale up the mining process of Bitcoin. ASIC is the solution to this problem as the person who has advanced hardware shall win and people having lesser system resources could not get Bitcoins within the viable time. This sudden phenomenon of people mining Bitcoins over ASICs and GPUs has caused the prices of these coins to go up suddenly. Also, the companies which are in the business of manufacturing the gaming hardware suddenly come up with the reduction in the warranty period as the devices are not made for 24 to 7 continuous mining operations. Those ASIC miners who were before the advent of mining giving away a warranty of three years have drastically reduced the warranty to just one year as the wearing and tearing of the internal parts have become more common with continuous uses without the proper system of ventilation out.
ASIC stands for application specific integrated circuits. These are special kind of hardware which are customized for an exact kind of use. For example – we have ASIC Bitcoin miners – the stated purpose of them is to verify the block edition into the blockchain of Bitcoin using – the specific hash code rules generated by SHA 256 algorithm. Bitcoin mining is the process of verification of addition of new blocks of data into the blockchain of Bitcoin. If the added blocks match the rules – as prescribed by the code of Bitcoin – then the block is accepted as new token into the supply of Bitcoin. The blockchain is a publicly accessible logbook of all the transactions happening over a network. It is made public because of the reason that – any person having requisite resources of mining and processing power may verify – if any transaction is fraudulent or legitimate. When the concept of blockchain and Bitcoin was new and fewer people were aware of the process then – people used to mine Bitcoin using the central processing units of their computers. Slowly, more and more people started the mining of Bitcoin using their available low-end computing resources. Hence, it was realized that powerful hardware is required so that mining could be done within a faster way. Therefore, people started aggregating the graphical processing units to produce a mining rig by which – they were able to mine the Bitcoin cryptocurrency in a fast way. Soon after that – it was realized that the economics of cryptocurrency mining is not suiting the graphical processing units too. Hence it was decided that application specific integrated circuits are to be deployed for the rigorous and technically advanced process of cryptocurrency mining. The hard cap of Bitcoin is 22 million coins – out of which 16 million coins have already been mined. As we go up the ladder we realize that the number of coins which are yet to be mined and the number of people who have come up to mine the Bitcoin cryptocurrency are inversely proportionate. Progressively, it makes the process of cryptocurrency mining and specifically the Bitcoin mining a difficult task as we move on with time. Hence ASIC miners are the best available cryptocurrency mining hardware till this point of time.
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