ASIC stands for Application-Specific Integrated Circuit. The circuit refers to a microchip that has been designed with a specific application in mind. In crypto, this hardware is used by miners to allow higher speeds for the calculation of hashes. 

ASICs can cater to other processes and uses as well. However, there are disadvantages of ASICs such as high consumption of energy. Altogether ASICs are helpful to boost productivity and swiftness of specific computer systems.