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Performance analysis of mining pool with power-saving, fault and mining competition

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Abstract

Blockchain has emerged as a disruptive technology with potential applications in various industries. Although the proof-of-work (PoW) blockchain systems have worked so successfully, the mining pools in PoW-based blockchain systems have certain drawbacks: high-power expenditure, mining competition and fault. It is essential to implement the power-saving and evaluate the performance of the mining pool with these characteristics in PoW-based blockchain systems. In this paper, we consider a queueing system with sleep–wakeup, working breakdown and impatient strategies that are suitable to express well power-saving, fault and mining competition in the mining process. By using a z-transform approach, the closed-form expressions about various performance measures such as the mean number of blocks and the mean confirmation time of block are obtained. Furthermore, we analyze the power consumption by constructing the linear function based on the performance measures and analyze the improvement of power-saving by comparing the power consumption of a queueing model without various strategies. In order to mitigate the negative effect stemming from the mining competition, we formulate the Nash bargaining game to induce the cooperation and obtain the Nash solution and the corresponding mining pool’s optimal computation power.

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Data Availability

The data used to support the finding of this research are accessed from https://btc.tokenview.io/cn/blocklist.

Notes

  1. https://u.today/ethereums-pow-energy-requirements-now-equivalent-to-country-of-19-million.

  2. https://finance.yahoo.com/news/multiple-mining-pools-facing-connectivity-113938180.html.

  3. https://finance.yahoo.com/news/multiple-mining-pools-facing-connectivity-113938180.html.

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Funding

This work was supported by National Natural Science Foundation of China under grants 11871116 and 11971074, and also by the Fundamental Research Funds for the Central Universities of China under Grant No. 2019XD-A11.

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Authors and Affiliations

  1. School of Science, Beijing Univeristy of Posts and Telecommunications, Beijing, 100876, China

    Kaiming Yang & Jian Cao

  2. Key Laboratory of Mathematics and Information Networks, Beijing University of Posts and Telecommunications, Ministry of Education, Beijing, China

    Kaiming Yang

  3. School of Applied Mathematics, Nanjing University of Finance and Economics, Nanjing, China

    Jian Cao

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  1. Kaiming Yang
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  2. Jian Cao
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Yang, K., Cao, J. Performance analysis of mining pool with power-saving, fault and mining competition. J Supercomput 80, 20518–20545 (2024). https://doi.org/10.1007/s11227-024-06236-0

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