ASICs, or application-specific integrated circuits, are hardware designed to do a single task. In the cryptocurrency world, ASICs are used to mine for specific coins.
For example, there are ASICs designed to mine for Bitcoin, Litecoin and Ethereum.
The main benefit of ASICs is that they are very efficient at mining for their specific coin. This means that if you have an ASIC designed to mine for Ethereum, you will be able to mine Ethereum much faster than if you were using a different type of hardware.
ASICs are also much more expensive than other types of mining hardware. This is because they are designed to do one specific task and so the companies that make them can charge a premium price.
NOTE: Warning: Ethereum does not currently have an ASIC (Application Specific Integrated Circuit) available. Ethereum’s consensus algorithm, known as PoW (Proof-of-Work), is designed to be ASIC-resistant, so using an ASIC on the Ethereum network would likely be ineffective. Additionally, using such a device could result in a security breach that could leave your funds and private keys vulnerable. Therefore, it is strongly recommended that you do not attempt to use an ASIC for Ethereum mining.
At the moment, there is no ASIC designed specifically for Ethereum. However, there are some ASICs on the market that can be used to mine Ethereum.
The most popular of these is the Antminer E3, which is made by Bitmain.
The Antminer E3 is an ASIC that can be used to mine Ethereum as well as other coins that use the Ethash algorithm. It is one of the most popular ASICs on the market and is very efficient at mining for Ethereum.
However, because it is not specifically designed for Ethereum, it is not as efficient as an ASIC that is designed specifically for Ethereum would be. This means that if you want to mine Ethereum with an ASIC, you will need to buy one that is specifically designed for Ethereum mining.
7 Related Question Answers Found
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.
There are Ethereum ASICs. There are also Ethereum GPUs. Ethereum ASICs are specialized hardware that is designed to do one thing and one thing only: mine Ethereum.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used to build decentralized applications (dapps) on its platform. The most popular dapp built on Ethereum is CryptoKitties, a game that allows players to breed and trade digital cats.
As of early 2018, there are no Ethereum ETFs. This is due to a couple reasons. First, Ethereum is a fairly new asset class, and as such, there hasn’t been enough time for the regulatory infrastructure needed for an ETF to develop.
ASIC miners are devices that are purpose-built to mine cryptocurrencies. They are much more efficient than regular CPUs and GPUs, which is why they are often used by large-scale miners. However, ASIC miners can only be used to mine a specific coin or algorithm, so they are not versatile like GPUs.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used as a platform to launch other cryptocurrencies. In this way, it acts as a launchpad for innovative new ideas and projects.
