Jeff Garzik, an early adopter and developer of the BTC core, was reportedly one of the first owners of an ASIC miner, according to Bitcoin miner veteran and educator “TheCoinDad.” Canaan, a “world-leading supercomputing solution supplier,” introduced this new hardware.
TheCoinDad pointed out that Ethereum creator Vitalik Buterin was among the first to report on the introduction of BTC ASIC miners. Buterin, who is a co-founder of Bitcoin Magazine, spoke with Garzik in February 2013 for the publication.
The First Application-Specific Integrated Circuit (ASIC)
Before the introduction of this specialized equipment, Bitcoin miners could make money by employing less potent computers.
The Proof-of-Work (PoW) consensus mechanism, which is backed by ASIC, altered and had an ongoing impact on that dynamic by requiring miners to become ever more effective at solving mathematical puzzles to validate blocks and collect BTC rewards.
- Canaan, a “world-leading supercomputing solution supplier,” introduced the new hardware.
- The Bitcoin mining market has grown into a new market.
- The majority of businesses use thousands of ASICs to scale and remain lucrative.
The Avalon models, which are currently in their 13th generation, have a power efficiency of 25 Joule per TH and can produce over 130 Tera Hash/s. Since the launch of these tools, the Bitcoin mining industry has expanded into new geographies and industries.
The majority of businesses use thousands of ASICs to scale and remain lucrative, and now there are Bitcoin mining companies that are openly traded on the American stock exchange.
These specialized machines are multiplying at the same time that Bitcoin is becoming a more popular worldwide commodity, and the cryptocurrency market has a speculator-dominated sector that draws some of the most significant businesses in the world.
One may argue that without ASICs, the attention given to BTC would have been slower. This hardware generated interest and increased the financial incentives for people to protect the Bitcoin network, triggering a blockchain-based “Gold Rush” 2.0. The post states that BTC is currently trading around $23,700, down 3% over the last day.
