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Modeling & analysis of block generation process of the mining pool in blockchain system

Abstract

This paper simulates the block generation process of the mining pool in blockchain system based on the Proof of Work (PoW) consensus protocol, and mainly studies the three issues of block generation time, energy consumption of the mining pool and the number of transactions in the pending transaction pool. The mining pool is abstracted as a queueing system, and the batch service M/M/c queueing model with feedback, vacation, and repairable faults is used to model and analyze this queueing system, the method of matrix-geometric solution is used to solve the stationary distribution of the system. In order to reduce the energy consumption of mining pools and suppress block generation time, this paper introduces a vacation strategy and a feedback mechanism, and verifies the effectiveness of the two strategies through experimental comparison. In addition, this paper studies the optimal revenue of the mining pool based on factors such as transaction fees, block rewards and energy costs, and obtains the computing power and number of miners that maximize the revenue of the mining pool.

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Acknowledgements

This work was supported in part by the National Natural Science Foundation of China under Grant Nos. 61973261, 61872311, Natural Science Foundation of Hebei Province under Grant Nos. A2020203010, A2018203088.

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Correspondence to Zhanyou Ma.

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Zhang, C., Ma, Z., Liu, L. et al. Modeling & analysis of block generation process of the mining pool in blockchain system. Peer-to-Peer Netw. Appl. (2022). https://doi.org/10.1007/s12083-022-01359-8

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  • DOI: https://doi.org/10.1007/s12083-022-01359-8

Keywords

  • Blockchain
  • Mining pool
  • Proof of work
  • Queueing model