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ASIC only is capable of mining and only mines one algorithm, i.e. it is limited to a small set of coins or to a single coin alone. For example, ASIC for Bitcoin cannot mine Monero. And vice versa. And GPU can not only mine all coins, but can do many things beyond mining: play games, render 3D models, edit videos, and train neural networks.

GPU’s have diversity on their side, but ASICs win in terms of efficiency. For example, one Innosilicon A10 7 GB mines as much as 7 RTX 3080 video cards, but consumes the same amount of electricity as only 5 of them.

The GPU’s are warm and noisy, but the ASICs are even noisier. 10-20 video cards on a balcony is an acceptable and still comfortable level of noise. 1-2 ASICs is comparable to a vacuum cleaner, meaning all your neighbours won't be able to sleep.

ASICs may be more profitable and efficient, but video cards are easier to start with and safer to continue.