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 were first used for Bitcoin in 2013 and they quickly became the standard for mining Bitcoin. This is because ASICs are much more efficient at mining than regular CPUs or GPUs.
ASICs are so efficient that, today, it is estimated that over 80% of all Bitcoin mining is done with ASICs.
The main benefits of ASICs are their efficiency and their price. ASICs are much more expensive than regular CPUs or GPUs, but they make up for this by being a lot more efficient.
For example, a regular CPU might be able to mine 0.1 Bitcoins per day.
An ASIC, on the other hand, could mine 1,000 Bitcoins per day. This makes ASICs 100 times more efficient at mining than regular CPUs or GPUs.
The downside of ASICs is that they can only be used for mining. This means that if you want to use an ASIC to mine Ethereum, you’re out of luck.
Ethereum cannot be mined with an ASIC because it uses a different algorithm (Proof of Work) than Bitcoin (SHA-256).
So, does Ethereum have ASIC? No, Ethereum cannot be mined with an ASIC because it uses a different algorithm than Bitcoin.