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Application-Specific Integrated Circuit (ASIC) Bitcoin Miner

What Is an ASIC Bitcoin Miner?

An application-specific integrated circuit (ASIC) miner Bitcoin mining rig ebay usa a device Bitcoin mining rig ebay usa is designed for the sole purpose of mining—not coal, but rather Bitcoin mining rig ebay usa 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.”

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.

There are many different brands of Bitcoin miners available, which can range in price from $20 to $5,000 depending on their power and complexity; and you may purchase Bitcoin ASIC miners in numerous places—like Walmart (NYSE: WMT), Amazon (NASDAQ: AMZN), and eBay (NASDAQ: EBAY). The Microsoft (NASDAQ: MSFT) Store even has an "easy-to-use" Bitcoin miner that you can download on your computer for free.

Reviewing Bitcoin, Blockchain, and Mining

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.

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 Bitcoin mining rig ebay usa 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 mining rig ebay usa into circulation.

Although investing in cryptocurrency is painstaking, costly, and only sporadically rewarding, some investors are drawn to it. People buy expensive ASICS and pay for lots of electricity Bitcoin mining rig ebay usa that they may earn more bitcoin, which may be exchanged for real-world currency.

Understanding ASIC Bitcoin 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.

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.

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).

What is ASIC Bitcoin Mining?

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.

The first miner to find the solution to the puzzle is able to authorize the transaction (to add bitcoin to the block). Each winner in the Bitcoin-mining lottery receives a reward (a certain amount of bitcoin). The reward includes all of the transaction fees for the transactions in that block, which motivates miners to collect as many transactions into a block as possible to increase their reward.

Key Takeaways

ASIC Bitcoin miners are electronic circuits designed for the sole purpose of mining bitcoins. In cryptocurrency, mining is the process of managing the blockchain. Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain.

ASIC Bitcoin Miner Definition

Is Bitcoin Mining Legal? Regulations From Around The World

Is Bitcoin mining Legal?

The short answer to this is, yes it is.

However, some countries have declared Bitcoin as illegal. That’s why mining is also prohibited and considered illegal there.

Anyways, this is a subjective matter and varies from one jurisdiction to another.

But if one is mining Bitcoin with his/her resources in a legit way, then it is not illegal, at least in many countries.

On the other hand, some countries have declared possession of Bitcoin and other Bitcoin mining rig ebay usa as illegal.

Why Such Hostility Towards Bitcoin?

Well, this hostility stems from the decentralized and stateless nature of Bitcoin.

So far, humans have had the habit of a state-backed currency, but Bitcoin breaks that habit. Moreover, the fact that anyone can join this Bitcoin mining rig ebay usa and contribute to its growth is a nightmare for some governments around the world.

Some countries like China consider cryptocurrencies as a threat Bitcoin mining rig ebay usa the national currency and national banks.

And to understand why they think so, you will need to understand a bit about Bitcoin mining process.

Here is a simple explanation.

Bitcoin Mining Overview

Bitcoin mining is the process of updating the Bitcoin blockchain or the ledger. It is also the method through which new bitcoins enter the whole ecosystem.

Bitcoin miners put their resources (time, electricity, equipment, computation, etc.) to validate new transactions and hence mine new ‘blocks’ (blocks are a group of transactions).

And when a miner is able to mine a block, they get rewarded in the form of 12.5 BTC, plus the transaction fees.

And the beauty of open and permissionless blockchains like Bitcoin is, anyone can start their full node and bring their equipment to participate in the mining process.

However, nowadays Bitcoin mining has become a niche business which only mining farms with special ASIC equipment do. But anyone with enough capital can get started.

For now, I have kept the explanation very simple, but if Bitcoin mining rig ebay usa want to deep dive into Bitcoin mining, please read: Bitcoin Mining: A Basic Guide For Beginners.

Back To Bitcoin’s Legality

I hope you understand why there is so much disparity amongst countries on this matter.

That is because of its open and decentralized nature. Moreover, governments have always Bitcoin mining rig ebay usa the power of printing money at their whims which Bitcoin nullifies.

Bitcoin was invented to put a full stop to insidious modern day banking and to create an alternative for people who wanted to opt out of this system.

Thus, it is essential to understand that it was not a mere coincidence that Satoshi created and announced Bitcoin just after the financial crisis of 2008. In Bitcoin mining rig ebay usa opinion, and in the opinion of several other tech-economists, it was an all-out attack on the central banking system that has become incompetent as well as insidious.

Satoshi Nakamoto-labeled text on the Bitcoin genesis block indicates that after the 2008 bailout of banks, the crisis would hit soon again. The text of the label Bitcoin mining rig ebay usa “03/Jan/2009 Chancellor on brink of the second bailout for banks”.

So Bitcoin was actually created to provide people the alternative to modern day banking and saving them from the inflationary policies of corrupt governments. It was also built to show the world that decentralized trust can be created if backed by robust mathematical models – cryptography.

And now that Bitcoin is competing with the central banker’s money, the governments are banning it.

Some are even planning a launch of their own cryptocurrencies, List Of Countries That Have Plans To Roll Out Their Cryptocurrencies

Stance Of Countries On Bitcoin Mining & Bitcoin

That’s why some countries have put an outright ban on Bitcoin and declared it illegal.

Many other countries have not really banned it or termed illegal, but are still unclear about their stance.

List Of Countries Where Bitcoin Is Illegal

AlgeriaBoliviaEcuadorBangladeshNepalMacedoniaVenezuela

List Of Countries With Explicit Mining Stance

Indonesia – Mining remains not covered by the regulationSlovenia – Bitcoin mining is recognized and taxed.Ukraine – Mining is a legal type of entrepreneurship.Iceland – Mining as a business is permitted.Belarus – Individual & businesses have right to engage in mining

List Of Countries With Partial Ban On Bitcoin

Canada – Banking ban, banking services are denied to crypto businesses.India – Banking ban, banking services are denied to crypto businesses.Indonesia – Illegal as a payment tool.Thailand – Banking ban, banking services are denied to crypto businesses.

However, in countries where Bitcoin is allowed, it doesn’t mean it is a legal tender there. Instead, it is allowed to be traded as a commodity.

Conclusion

It is most apt to say that Bitcoin mining is legal in many countries except a few. And many African countries have remained silent on the matter of Bitcoin, so their stance is still not clear.

However, if you are mining in a country where Bitcoin is regulated, and you have your equipment and electricity, you are good to continue your mining.

That’s all from my side in this article. Please don’t consider any piece of this content as legal advice.

If you have some comments or questions, I will be more than happy to discuss those in the comment section below.

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Harsh Agrawal

An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technolgy.

An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

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