Application-Specific Integrated Circuit (ASIC)
By CoinGecko | Updated on Mar 03, 2020
Application-Specific Integrated Circuit (ASIC) refers to computer equipment which are specialized for a specific use, rather than general use. An example of ASIC would be Bitcoin mining machines that are made to solve the SHA-256 algorithm repeatedly and in orders of magnitude quicker than general use hardwares (eg. graphic cards).
Initially developed only for the Bitcoin algorithm, the development, sale and usage of ASIC quickly became a lucrative industry as it expanded to cover many other cryptocurrencies.
It is worth noting that ASICs are not used only in the crypto scene - appliances that are made to do specific functions can also be equipped with ASIC chips for efficiency purposes.
Related Terms
Application-Specific Integrated Circuit (ASIC)
Refers to specialized computers that are made to do a very specific task (eg. calculate hashes for Bitcoin's Proof-of-Work)
Total Value Locked
Total Value Locked (TVL) represents the number of assets that are currently staked in a protocol or the total quantity of underlying amount of funds that a DeFi protocol has secured.
When Moon
An expression used by investors to ask when the price of a coin would hit a peak
Mining Contract
Another term for cloud mining, where users can rent or invest in mining capacity online.
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