For future Internet of Things (IoT)-based Big Data applications (e.g., smart cities/transportation), wireless data collection from ubiquitous massive smart sensors with limited spectrum bandwidth is very challenging. On the other hand, to interpret the meaning behind the collected data, it is also challenging for edge fusion centers running computing tasks over large data sets with limited computation capacity. To tackle these challenges, by exploiting the superposition property of a multiple-access channel and the functional decomposition properties, the recently proposed technique, over-the-air computation (AirComp), enables an effective joint data collection and computation from concurrent sensor transmissions. In this paper, we focus on a single-antenna AirComp system consisting of $K$ sensors and one receiver (i.e., the fusion center). We consider an optimization problem to minimize the computation mean-squared error (MSE) of the $K$ sensors' signals at the receiver by optimizing the transmitting-receiving (Tx-Rx) policy, under the peak power constraint of each sensor. Although the problem is not convex, we derive the computation-optimal policy in closed form. Also, we comprehensively investigate the ergodic performance of AirComp systems in terms of the average computation MSE and the average power consumption under Rayleigh fading channels with different Tx-Rx policies. For the computation-optimal policy, we prove that its average computation MSE has a decay rate of $O(1/\sqrt{K})$, and our numerical results illustrate that the policy also has a vanishing average power consumption with the increasing $K$, which jointly show the computation effectiveness and the energy efficiency of the policy with a large number of sensors.