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Who controls Ripple and XRP?


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What is the relationship between Ripple and XRP?


What does it do for Ripple and XRP?


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What an Application-Specific Integrated Circuits (ASIC) miner actually does?


What an Application-Specific Integrated Circuits (ASIC) miner actually does?

In a nutshell, mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward.

There are so many people and powerful computing systems trying to mine Bitcoin though, that almost everyone bands together with a group of miners to try and find that number. That said, miners tend to earn more if they have faster hardware. That’s why people who can afford it opt for ASIC miners because it gives them the greatest chance of earning cryptocurrency in exchange for their investment.

Each cryptocurrency has its own cryptographic has an algorithm and ASIC miners are designed to mine using that specific algorithm. Bitcoin ASIC miners are actually designed to calculate the SHA – 256 hash algorithm. In the case of Litecoin. That means technically they could mine any other coin that’s based on the same algorithm.

What is an Application-Specific Integrated Circuits (ASIC)?


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ASIC stands for Application-Specific Integrated Circuits. It is a microchip which is design to execute a hashing algorithm as fast as possible and ASIC is built for a custom single hash algorithm. It has an ability to calculate 100,000 times faster hash then best CPU. Currently, Application Specific Integrated Circuits (ASIC) is designed by Bitmain and Canaan Company. Cryptocurrency coin likes Bitcoin and Litecoin are based on Application-Specific Integrated Circuits (ASIC) mining.