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  • ASIC Bitcoin miners are electronic circuits designed for the sole purpose of mining bitcoins.
  • ASIC Bitcoin miners are electronic circuits designed for the sole purpose of mining bitcoins.
  • 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.

    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.

    Reviewing Bitcoin, Blockchain, and Mining

    Understanding ASIC Miners

    Originally, Bitcoin’s creator intended for bitcoin to be mined on central processing units (CPUs)—your laptop or desktop computer. However, Bitcoin ASICs surpassed both CPUs and graphics processing units (GPUs) in terms of both their reduced electricity consumption and greater computing capacity. After gaining traction in mid-2013, when other hardware mining devices started hitting their bottlenecks in mining, Bitcoin ASIC miners have retained their lead.

    The default mining pool issues payouts weekly to accounts with at least 5000 Satoshis—the smallest unit of the Bitcoin cryptocurrency. If an account doesn’t reach 5000 Satoshis during a week, the balance carries forward (it is never lost).

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