What is ASIC mining?

In fact, ASIC stands for application-specific integrated circuit (ASIC). Specific ASIC miners are more often built to mine a certain type of currency. For example a Bitcoin miner will only mine for Bitcoin, so it’s important to assess which specific mining hardware will best suit your overall financial ambitions.

Why is mining important in Australia?

Mining in Australia has long been a significant primary sector industry and contributor to the Australian economy by providing export income, royalty payments and employment. Historically, mining booms have also encouraged population growth via immigration to Australia, particularly the gold rushes of the 1850s.

What is Australia's mining industry like in 2021?

Australia remains a dominant global producer of mined commodities, and mining remains the largest sector by share of national GDP, with the Australian Bureau of Statistics reporting that the industry was responsible for 10.4% of GDP between 2019 and 2020. In 2021, Australia's mineral exploration sector remained on solid ground.

Where is uranium mined in Australia?

Places such as Kalgoorlie, Mount Isa, Mount Morgan, Broken Hill and Coober Pedy are known as mining towns. Olympic Dam in South Australia, a copper, silver and uranium mine believed to have the world's largest uranium resource, and in 2018 producing 6% of world production