Definition
Overclocking pushes mining hardware beyond factory specifications to extract more hashrate. This is done by increasing the ASIC chip frequency and/or voltage through firmware settings. The tradeoff is higher power consumption, more heat, increased noise, and potentially reduced chip lifespan.
On open-source miners like the Bitaxe, overclocking is straightforward through the AxeOS web interface. On full-size ASICs, custom firmware is often needed. Successful overclocking requires adequate cooling and careful monitoring of chip temperatures and error rates.
In Simple Terms
Running mining hardware faster than default to increase hashrate, at the cost of more power and heat.
Running mining hardware at higher clock speeds and voltages than the default settings to increase hashrate. Increases power consumption and heat output.