What is ASIC
ASIC stands for Application Specific Integrated Circuit. They are devices with substantial computing capabilities powered by microprocessors, usually used to mine cryptocurrencies. They are stronger and more efficient than average computers. ASICs are costly and consume significant amounts of electricity, but their purchase is motivated by the cryptocurrency rewards miners obtain when the mathemetical solutions are achieved. This allows to reach noteable returns on investments. To reach these solutions, complex calculations are performed that are not achievable with regular computers. The likelihood of achieving a solution is increased as more hashes are generated per unit time, measured by hash rate. Some individuals opt for a mining contract, outsourcing crypto mining to an entity with a large mining pool or mining farm.