What Is the Term for the Specialized Hardware Used for PoW Mining?
The specialized hardware used for Proof-of-Work (PoW) mining, particularly for cryptocurrencies like Bitcoin, is called an Application-Specific Integrated Circuit (ASIC) miner. ASICs are custom-designed microchips optimized for the single task of performing the specific hashing algorithm required by the network.
They offer significantly higher efficiency and hashing power than general-purpose CPUs or GPUs.
Glossar
Hashing Algorithm
Hash ⎊ Cryptographic hashing algorithms underpin the integrity and security of blockchain technologies and derivative pricing models, transforming variable-length inputs into fixed-size outputs, known as hash values.
Specialized Hardware
Acceleration ⎊ Specialized hardware, within cryptocurrency and derivatives, increasingly focuses on accelerating computationally intensive tasks like proof-of-stake validation and complex options pricing models; this demand stems from the need for faster transaction throughput and reduced latency in high-frequency trading environments.
Hashing Power
Security ⎊ This metric quantifies the total computational effort dedicated to securing a Proof-of-Work blockchain, directly determining the network's resistance to a 51 percent attack.