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
HODL
A crypto slang of saying holding the assets rather than selling it.
A crypto slang encouraging investors to hold on to their assets rather than selling it.
Limit Order / Limit Buy / Limit Sell
Orders placed by traders to buy or sell a cryptocurrency when a certain price is reached
Portfolio
A portfolio consists all of your current crypto holdings in one place.
Mining Contract
Another term for cloud mining, where users can rent or invest in mining capacity online.
Interested to stay up-to-date with cryptocurrencies?
Get the latest crypto news, updates, and reports by subscribing to our free newsletter.
Or check it out in the app stores
