Optimizing pool mining performance: A VIKOR‐based model for identifying reputed miners in blockchain networks

Abstract

Blockchain networks continue to gain attraction in cutting‐edge applications and mining within these networks has become increasingly popular. To get rewards, miners solve cryptographic puzzles and add new blocks to blockchain networks using the proof‐of‐work (PoW) consensus mechanism. Numerous miners opt to participate in mining pools due to the challenges of solo mining. However, selecting reputed miners for pool mining poses a significant challenge, given the decentralized nature of the blockchain system. This paper addresses this challenge by introducing a new ranking model that evaluates miners' performance and reputation through trust scores. It provides a method for optimizing pool mining performance by identifying highly reputed miners within mining pools, enhancing overall pool profitability. This endeavor necessitates the development of ranking algorithms tailored to the unique dynamics of mining pools. The research offers a meticulously designed ranking model that identifies reputed miners. We extensively evaluate the proposed model using the hyperledger blockchain framework, guaranteeing strong performance across vital metrics like block authorization time, Processing time, block creation time, validation time, and confirmation time.