ASICs, or Application-Specific Integrated Circuits, are specialized hardware designed for a specific task, rather than general-purpose computing. They are commonly used in various applications, such as cryptocurrency mining, where they perform calculations more efficiently than standard processors like CPUs or GPUs. This efficiency allows for faster processing and lower energy consumption. Due to their tailored design, ASICs can significantly outperform other types of chips in their designated functions. However, they lack flexibility, meaning they cannot be repurposed for different tasks once manufactured. This makes them ideal for specific applications, such as Bitcoin mining or digital signal processing.