ASICs are custom built for a single hash algorithm. Therefore, you would need to buy different ASICs for each coin that you wanted to mine. That ASIC might earn you 10 dollars profit in the first month. Though due to the constant arms race of acquiring hashing power, your profits would decrease each subsequent month.
Just take a listen. And with great power comes great electricity. These ASICs will cost you a significant amount of money in electricity bills.
What is Bitcoin Mining Software?
As a result, the majority of mining takes place in countries with cheap electricity. Some of the miners are even able to receive special industrial rates for this. Due to the costs and logistical issues with ASIC mining, it inevitably leads to powerful mining farms taking over huge percentages of the hash rate. However, you can take a look at some of the large-scale mining taking place in Chinawith buildings full of ASICs.
However, the truth is an ASIC can be designed for any coin. For other coins with more memory intensive algorithms and lower prices, you might not see a quick return on your ASIC investment. When Litecoin was invented by Charlie Leehe chose a different hashing algorithm, known as Scrypt. But if you do then this Bitcoin miner is probably the best deal.