This paper presents the evaluation of various major encryption algorithms. The paper also discusses a mathematical method to assess the algorithms based on factors such as speed and memory usage of the algorithm that impact the efficiency of these algorithms. First, it discusses the factors that affect the efficiency, speed, and memory usage of the algorithm and then describes a relation between these factors in such a way that it is mathematically optimal and also computationally feasible. The current work also presents a general idea of how the internal components of the cipher affect the execution cycle and determine a relation between them. Evaluation results are discussed in detail and concluded that the Blowfish algorithm is performed best among all discussed algorithms.