Bitcoin and Crypto Glossary
ASIC stands for Application Specific Integrated Circuits. ASIC computers are the specialized hardware used to mine Bitcoin and other cryptocurrencies. The most common manufacturers are Bitmain, MicroBT, Canaan, Innosillicon, Ebang, and StrongU.
ASIC Management Software, can help reduce labor hours by giving technicians extra tools to efficiently manage all of the miners in the operations in bulk. It allows you to monitor and control devices from a dashboard to help determine what devices need attention.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
The term Bitcoin Battery was first introduced by a mining company called Layer1. The concept of a Bitcoin Battery operates like the inverse to an actual battery. Instead of storing excess energy, a power plant or energy grid can consume it on-site my mining bitcoin, generate a digital asset that allows them to globally distribute electricity with Bitcoin as the medium of exchange.
Block Rewards are newly issued coins by the network. The Bitcoin network currently has a 6.25 BTC block reward it halves every 4 years.
Firmware is a type of computer code that provides control over hardware within a device(ASIC). It carries out the most important functions of the device. Miner firmware generally comes from the manufacturer however, many companies and individuals have written custom firmware for their miners. Firmware requires updates from time to time.
Hashproce is the value of hashrate noted in USD/second. eg: On Dec 25, 2021 the hash price was $0.26 USD
Hashrate is the speed at which a computer is completing an operation in the crypto mining code. This operation or algorithm is called hashing and therefore, the number of hashes is measured in hashes per second. Computers used for mining have a hashrate value. For example some new generation miners have a hashrate of 140 tera hashes per second. (TH/S)
A miner is said to be low-hashing when it is not producing enough hashrate based on the miners specifications.
Profit Switching in crypto mining is a feature that allows for smart-switching between chains based on profitability. This is best done at the mining pool level as this process requires miner machine reboots which can incur downtime and add additional stress to the miner.