ASIC mining

ASIC mining is an accronym for “Application-Specific Integrated Circuit miner”.

The circuit is a computer chip which is specifically built for mining cryptocurrencies.

Since mining requires a lot of electricity, ASICs are better suited for mining since they provide significantly more power.

ASICs are consturcted for mining a specific cryptocurrency. Therefore, an Ethereum ASIC can only mine Ethereum etc.

There are many differed brands of miners, with prices ranging from $20 to $5000.