ASIC stands for application specific integrated chip. Usually “ASIC” is paired with the word miner. ASIC miners are powerful computers manufactured for one specific purpose, mining cryptocurrency. Not only are ASICs designed specifically for for mining cryptocurrency, but they are also designed to only be used to mine one specific cryptocurrency (or a few that use the same algorithm). For example, Bitcoin ASIC miners cannot be used to mine Ethereum or Litecoin. Likewise, Ethereum and Litecoin ASICs cannot be used to mine Bitcoin.