These transactions are then cryptographically encoded in a protected block for the last 10 minutes worth of transactions.
That's not correct, and it's a bit misleading.
The last block are then send to everybody who is participating in the network. The participants re called miners.
Blocks are broadcast to all nodes, not just miners.
Hmmm, that's good to know @pfunk, was wondering why you marked this. I guess I need to be more careful about what I read and believe here. Still a noob when it comes to actual crypto currencies :(