How Many Confs: Know Each Coin’s Number of Confirmations Equal to 6 Bitcoin Confirmations
What Is How Many Confs?
HowManyConfs.com is an online platform that compares the security of different Proof-of-Work blockchains to that of Bitcoin and the amount of time that is required to complete work on different blockchains.
Calculating the hashrates for different Proof-of-Work algorithms is sometimes a daunting task, since it is difficult to know how much energy is being consumed in order to arrive at the current hashrate. In addition, to know the average power consumption, people would have to acquire the data from the devices used to mine.
Currently, there isn’t any automated way to access the data or a database containing the average power consumption data, which means people would have to manually research the existing mining hardware and aggregate the data into a more understandable format.
Apart from being a time consuming process, the data collected usually becomes outdated as soon as a new mining hardware is released. How Many Confs seeks to provide a solution to this problem.
How does How Many Confs work?
The platform utilizes NiceHash USD prices to estimate the cost incurred when securing a blockchain for a specified timeframe. The prices can be directly compared across various blockchains, and in most cases, the prices are directly proportionate to kWh/s. This is because the hashrate used for mining is usually paid for in USD. This provides a simplified way to compare the estimated amount of work per blockchain.
To estimate the total Proof-of-Work measured in dollars per second ($/s), the platform acquires the blockchain’s Proof-of-Work algorithm and analyzes the algorithm’s average price per hash according to NiceHash. After this is complete, How Many Confs multiplies the price per hash with the total hashrate per second.
The results of the above calculations can be used to compare the values of different blockchains by factoring in the average block time of the blockchain and calculating the total cost for a specified number of confirmations.
Finally, to determine the number of that blockchain’s confirmations that are equal to six Bitcoin confirmations in terms of the amount of work done, the platform monitors the amount of time required on the other blockchain when at its dollars per second value that is equal to the total cost.
The values on HowManyConfs.com are estimations, in order to accurately calculate the security, many more variables should be considered such as the cryptocurrency’s market cap, its daily trading volume, and the value of the transaction.
Final thoughts on HowManyConfs.com
It is important to note that the dollars per second values on the platform aren’t the literal costs or the actual costs for adding hashrate to the network. Instead, the value should only be perceived as metric for comparing a blockchain’s amount of work at the current hashrate.
Additionally, users should also consider that a blockchain that has more ‘work done’ or a higher dollar per second value isn’t necessarily safer. For example, when comparing the blockchains of Bitcoin Cash and Zcash over a certain period, Bitcoin Cash has a higher dollar per second value.
However, this doesn’t mean Bitcoin Cash is safer since 51% attack on Bitcoin Cash doesn’t require any hardware while an attack on Zcash requires the miners to fabricate their own Equihash ASICs.