Bitcoin memory pool emptied, transaction volume hits 11-month low

The Bitcoin mempool has been cleared, with the number of transactions reaching an 11-month low. In January, the transaction volume on the Bitcoin network dropped to its lowest level in 11 months, a decline of more than 43% compared to the network's highest monthly transaction volume recorded in October 2024. With the decrease in transaction activity, Bitcoin has almost cleared the backlog of unprocessed transactions, and according to Johoe's Bitcoin mempool statistics, the number of unprocessed transactions was around 250,000 as of late December 2024. On Saturday, with the mempool cleared and transaction fees near historical lows, multiple Bitcoin blocks were left unfilled. The reduction in mining activity may make profitable mining more challenging, especially after last year's halving event. Several major Bitcoin mining companies are exploring business diversification, providing computing power for artificial intelligence and high-performance computing workloads.