Does an ASIC designed for ETC or KAS or SHA256 only do this? At the hardware level, can it not do anything less than less efficient?
ASIC is short for Application Specific Integrated Circuit. It is basically a microchip that is custom-designed to do one specific job super efficiently and unlike something general-purpose like an FPGA that you can reprogram for different stuff after manufacturing, an ASIC chip can only do that one thing it was originally designed for. It is way faster and lower power and cheaper at scale since every transistor and connection is optimized for its exact purpose. But on the flipside, the hardware is set in stone. You would have to design a whole new custom ASIC chip from scratch if you wanted it to do something else.