ASIC Miner

ASIC miner is short “Application-Specific Integrated Circuit miner”, and is defined as a device specially designed to maintain the blockchain, this process is known as mining.

An Application-Specific Integrated Circuit is a computer chip or “integrated circuit” which was built for the single purpose of mining cryptocurrencies. In other words, it was designed for the specific application (purpose or use) of mining.

Mining is the process of using computer power to solve a complex math problem, review and verify information, and create a new block so the information can be added to the blockchain.

Mining requires expensive ASIC miners and a lot computer power. People buy ASICS and pay for lots of electricity so they can earn cryptocurrency. Because ASICs are built especially for mining, they do the job faster than other computers and can earn more.

See “mining” for more information.