What Happens When a Chinese Giant Swoops In on Your Tiny Cryptocurrency

A Chinese cryptocurrency mining giant just swooped in on a tiny cryptocurrency with some high-end hardware, and the developers behind the US-based Siacoin are worried that a foreign shake-up is on the horizon.

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The cryptocurrency world hasn’t been the same since specialized Bitcoin mining hardware called ASICs first hit the scene back in 2013. Unlike the versatile graphics cards and CPUs found in everyday computers that were originally used to mine Bitcoin, ASICs–short for application-specific integrated circuits—are made to do only one thing incredibly efficiently: Mine cryptocurrency.

 
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