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Blockchain is a technology that provides a distributed ledger that storesprevious records while maintaining consistency and security. Bitcoin is thefirst and largest decentralized electronic cryptographic system that usesblockchain technology. It faces a challenge in making all the nodes synchronizeand have the same overall view with the cost of scalability and performance. Inaddition, with miners' financial interest playing a significant role inchoosing transactions from the backlog, small fee or small fee per byte valuetransactions will exhibit more delays. To study the issues related to thesystem's performance, we developed an $M(t)/M^N/1$ model. The backlog's arrivalfollows an inhomogeneous Poison process to the system that has infinite buffercapacity, and the service time is distributed exponentially, which removes $N$transactions at time. Besides validating the model with measurement data, wehave used the model to study the reward distribution when miners taketransaction selection strategies like fee per byte, fee-based, and FIFO. Theanalysis shows that smaller fee transactions exhibit higher waiting times, evenwith increasing the block size. Moreover, the miner transaction selectionstrategy impacts the final gain.

Effect of Miner Incentive on the Confirmation Time of Bitcoin Transactions