cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Since then, numerous cryptocurrencies have been created.cryptocurrency is a medium of exchange like normal currencies such as USD but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins.Every time someone successfully creates a hash, they get a reward of 25 bitcoins, the blockchain is updated, and everyone on the network hears about it. That’s the incentive to keep mining and keep the transactions working. The problem is that it’s very easy to produce a hash from a collection of data.Mining programs tap into your computer’s hardware resources and put them to work mining Bitcoin, Litecoin, or another type of cryptocurrency. And no, even if your hardware is used to generate money for them, you don’t get any of it. They get all the money from putting your hardware to work.An ASIC (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer. You might contrast it with general integrated circuits, such as the microprocessor and the random access memory chips in your PC.An application-specific integrated circuit (abbreviated as ASIC) is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. In Bitcoin mining hardware, ASICs were the next step of development after CPUs, GPUs and FPGAs.