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After mining, a block is validated and broadcasted by the miner. Then, where does this newly mined block get stored at? Where does my Bitcoin client pull the transaction data from?

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Your client gets it from another client that has already received it. You then relay it to other clients that connect to you, and the cycle repeats.

  • Then the obvious question which comes up in my mind is, how does my client get the IP of another client which has the latest version of the blockchain in the P2P network? – Holmes.Sherlock Oct 24 '14 at 15:03
  • @Holmes.Sherlock: It's sort of the other way around. When you start your client, it discovers some other clients to become its peers, and connects to them. It asks them for all the blocks that they have, and then stays connected to them. When any client learns about a new block, it relays them to all of its connected peers who don't yet have it. – Nate Eldredge Oct 24 '14 at 18:25
  • @Holmes.Sherlock: So the original miner broadcasts to its peers, and they broadcast to their peers, and so on - eventually (hopefully with rare exceptions) every client on the network gets it. Every client also stores it locally so it can use it for its own verifications, and so that it can pass it along to any newly connected clients who don't yet have it. – Nate Eldredge Oct 24 '14 at 18:27
  • How does a node can get to know about its peers? – Holmes.Sherlock Oct 24 '14 at 18:45
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    @Holmes.Sherlock bitcoin.stackexchange.com/q/3536 – Nick ODell Oct 25 '14 at 6:52

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