Sequence of Mining and Collecting Transactions

Question

I asked myself about the procedure of "Mining" and "collecting transactions". The way I understand it both processes are always active running parallel. So I assume a node has somehow two queues: one with the transactions of a block which they are currently mining and another one active collecting the transaction which will be part of the next block. So once a node found the nonce to a block it broadcasts the whole block. All nodes immediately start to mine a block containing the hash of the new (previous) block and the transactions (or a part) they were collecting while mining the previous block.

I already read When does a miner decide to stop collecting transactions and start calculating hashes to try to win? but like to have a confirmation of my understanding.

Thanks in advance

Answer 1

There's a 'mempool' of unconfirmed transactions maintained uniquely by every node, ordered by fee-rate. Miners select a template based on these transactions that is most profitable for them. If they solve a block, or someone else solves a block, those confirmed transactions contained in the newly seen block are stubbed out of the mempool and a new template is formed from what's left.