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When exactly does Bitcoin transaction batch happen?

I need some help understanding the Bitcoin internal…

The basic idea is:

The miner assembles N transactions into a block (rather than creating a consensus for every single transaction). And hash those transactions for the consensus.

But, when exactly the miner code decides to “combine”? How long does the miner code wait until passing those transactions to a hash function?

Does it wait until the list of transactions hit the block size limit (1 MB)?

Or does it just wait X-minute?

Or does it combine immediately as soon as it receives the transaction fees?

The whitepaper says

Each node collects new transactions into a block.

Although it would be possible to handle coins individually, it would be unwieldy to make a separate transaction for every cent in a transfer. To allow value to be split and combined, transactions contain multiple inputs and outputs.

But does not explain how many it collects, or how long it waits for collection…

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