Analysis of Mining Performance Based on Mathmatical Approach of PoW

Blockchain technology has been developed for cryptocurrency systems. Bitcoin, the most famous cryptocurrency type, guarantees a safe consensus using the Proof of Work (PoW) process. The PoW scheme is currently operating as a basic consensus algorithm for blockchain systems that are used widely in various industries. However, the PoW algorithm lacks in support of mathematical analysis, which hinders discoveries of potential weaknesses and flaws in the blockchain system. Therefore, in this paper, the correlation between the key parameters (i.e., TPS, difficulty, miners) in a blockchain system are analyzed based on mathematical analysis.