Definition
When a transaction is included in a block, it has 1 confirmation. Each subsequent block added to the chain adds another confirmation. The more confirmations a transaction has, the more computationally expensive it would be to reverse it.
For small transactions, 1-3 confirmations are typically sufficient. For large amounts, 6 confirmations (approximately one hour) is the traditional standard. Exchanges and merchants set their own confirmation requirements based on risk tolerance.
In Simple Terms
The number of blocks mined after a transaction, indicating how secure and irreversible it is.
Confirmations is a term used in Bitcoin mining related to mining basics.
Also known as: Block confirmations.
When a transaction is included in a block, it has 1 confirmation. Each subsequent block added to the chain adds another confirmation. The more confirmations a transaction has, the more computationally expensive it would be to reverse it.
For small transactions, 1-3 confirmations are typically sufficient. For large amounts, 6 confirmations (approximately one hour) is the traditional standard. Exchanges and merchants set their own confirmation requirements based on risk tolerance.
Understanding confirmations is important for Bitcoin miners because it directly impacts mining operations, hardware selection, or profitability calculations. Whether you are a home miner running a Bitaxe or operating a larger ASIC setup, this concept helps inform better mining decisions.
Related terms: Block, Block Height.