The University of SydneyPage 17Miners–Every bitcoin node, including miners, before forwarding transactions to its neighbours, will first verify the transaction against a long checklist.–Checklist -https://en.bitcoin.it/wiki/Protocol_rules–After validating transactions, they will be added to memory pool, or mempool, or transaction pool, where transactions wait until they can be included (mined) into a block.–To miners, receiving a new block means someone else has won the current competition, and it is also the time to start the race for finding the next block.