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In the PoW mining equation...

Hash = (Nonce x prev_hash x list of transactions)

the miners find the nonce to add the block to the blockchain and receive the block reward. As we can see, the hash is created with the transactions before the miner is even involved.

So are all transactions that will be included in the next block already determined before the block is found?

If so, the miner is including transactions for the next block, not the block he is trying to solve.

Am I understanding correctly?

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So are all transactions that will be included in the next block already determined before the block is found?

Yes. Once the block has been mined, the miner cannot change which transactions are in the block without redoing his work.

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