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An application-specific integrated circuit (ASIC) miner is a device that is designed for the sole purpose of mining—not coal, but rather digital currency. Generally, each ASIC miner is constructed to mine a specific digital currency. So, a Bitcoin ASIC miner can mine only bitcoin. Think of Bitcoin ASICs as specialized Bitcoin mining computers, or “bitcoin generators.”https://12ea7800963ffec019cbea4bac9dd936.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html

When we say the words “block” and “chain” in the context of blockchain, we are actually talking about digital information (the “block”) that is stored in a public database (the “chain”). The Bitcoin protocol is built on the blockchain. So, with the launch of Bitcoin in 2009 as the first cryptocurrency, blockchain technology had its first real-world application.

Bitcoin miners perform complex calculations known as hashes, and each hash has a chance of yielding bitcoin. The more hashes you perform, the more chances you have of earning bitcoin. Most people join a mining pool to increase their chances of earning bitcoin. Mining pools pay for high value hashes known as shares.

  • Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain. 
  • You might also view ASIC devices as similar to the microprocessor and random access memory (RAM) chips in your computer; only instead of being general integrated circuits as those are, Bitcoin ASIC miners are specific integrated circuits designed solely to maintain the Bitcoin blockchain—a public database that stores digital information. Developing and manufacturing ASICs as mining devices is costly and complex; but because ASICs are built especially for mining cryptocurrency, they do the job faster than less powerful computers.https://12ea7800963ffec019cbea4bac9dd936.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html

    There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

    Mining is the process of managing the blockchain. The job of ASIC Bitcoin miners is to review and verify previous bitcoin transactions and create a new block so the information can be added to the blockchain. The mining process involves solving complex mathematical problems using intrinsic hash functions linked to the block that contains the transaction data. Various Bitcoin miners compete intensely with each other to solve a necessary mathematical puzzle.

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