The cryptocurrency market is highly volatile and unpredictable. This is especially true when it comes to Ethereum, the second largest cryptocurrency by market capitalization.
In the past year, Ethereum has seen incredible price swings, rising from less than $100 in early 2017 to over $1,000 in January 2018. Ethereum’s price is highly influenced by ICO activity, which can result in rapid price increases followed by sharp declines.
As a result of Ethereum’s high price and popularity, there has been a great deal of interest in mining Ethereum. Can Ethereum be mined with ASIC?
ASIC stands for application-specific integrated circuit. ASICs are designed for a specific purpose, such as mining Bitcoin or Ethereum.
NOTE: WARNING: Mining Ethereum with ASICs is not recommended due to the high risk of damaging or even destroying your hardware. Additionally, Ethereum’s mining difficulty is designed to be ASIC-resistant, making it highly unprofitable and potentially undesirable for ASIC miners. As such, it is best to research thoroughly before attempting to mine Ethereum with an ASIC.
They are much more efficient at mining than regular CPUs or GPUs.
However, Ethereum’s developers have taken steps to prevent ASICs from being used to mine Ethereum. They have implemented a proof-of-work algorithm called Ethash which is designed to be ASIC-resistant.
As a result, it is currently not possible to mine Ethereum with ASICs.
It is possible that this may change in the future, as ASIC manufacturers continue to develop more powerful devices. However, for now, Ethereum cannot be mined with ASICs.
7 Related Question Answers Found
ASIC miners are devices that are designed to mine a specific cryptocurrency. For example, an ASIC miner for Bitcoin would be designed to mine Bitcoin and would not be able to mine other cryptocurrencies. Ethereum is a different cryptocurrency to Bitcoin and therefore an ASIC miner for Ethereum would be unable to mine Bitcoin.
ASICs, or application-specific integrated circuits, are hardware designed to do one thing and one thing only. In the case of Bitcoin, that one thing is to mine Bitcoin. ASICs designed for Bitcoin mining were first released in 2013.
ASICs, or application-specific integrated circuits, are chips designed for a specific purpose, such as mining Ethereum. ASICs are more efficient than general-purpose GPUs, which is why they are often used in Bitcoin mining. Ethereum does not currently allow ASICs.
ASICs, or application-specific integrated circuits, are specially designed hardware that performs the hashing algorithm required to mine a specific cryptocurrency. For Ethereum Classic, this is the Ethash algorithm. ASICs are purpose-built to mine Ethereum Classic and offer significantly higher performance than CPUs and GPUs.
Since the early days of Bitcoin, there have been attempts to develop specialized hardware for mining cryptocurrencies. These so-called “Application-Specific Integrated Circuits” (ASICs) are designed to do one thing and one thing only: mine a specific cryptocurrency as efficiently as possible. ASICs for Bitcoin were first released in 2013, and since then, companies have released ASICs for a variety of other cryptocurrencies, including Ethereum.
ASIC is an acronym for “Application Specific Integrated Circuit”. ASICs are specialized hardware that is designed to do a single task very efficiently. In the case of Bitcoin, this task is verifying Bitcoin transactions.
ASICs, or application-specific integrated circuits, are hardware designed to do one thing and one thing only. They are purpose-built to mine cryptocurrencies extremely efficiently, and compared to general-purpose hardware like CPUs and GPUs, they offer a significantly higher hashrate for the same power consumption. The first ASICs were designed to mine Bitcoin, and they quickly dominated the mining landscape.