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If I have an Asic to mine bitcoin and I mine to the point that it no longer becomes profitable to mine them anymore, Can I use the Asic to mine a different cryptocurrency and will the difficulty needed to mine it be higher than if I just bought a new Asic?
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An ASIC is an "Application Specific Integrated Circuit". In the case of a Bitcoin miner, the specific application is performing the SHA256 hashing algorithm. That is the only thing the ASIC knows how to do.
So long as the cryptocurrency you want to mine uses SHA256, you should be able to use the ASIC on that currency.
so once i start mining the new cryptocurrency, will kind of reset the difficulty and act as if it had never mined it before or will it still be hard for it to mine since everytime it mines one, it becomes harder to mine?(Sorry im not being super precise) – Avi Assouline – 2017-12-19T23:38:52.713
It depends on the altcoin and how their difficulty adjustment algorithm works. – Andrew Chow – 2017-12-20T16:40:13.003
@AviAssouline, I think you are a bit confused. You, personally mining does not have a significant impact on the difficulty. It's the total network hashing power as a whole that changes the difficulty. Whether you are involved or not is unlikely to matter. You simply don't have enough hashing power to effect the whole network. – Jestin – 2017-12-20T16:49:49.990