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Bitcoin Memory Pool Empties as Transaction Volume Hits 11-Month Low In January, the Bitcoin network's transaction volume fell to its lowest level in 11 months, a drop of more than 43 percent in monthly volume compared to the network's all-time high monthly volume, which was set in October 2024.1 The Bitcoin network is now at its lowest level in 11 months, with the highest monthly volume in the history of the network. With the decrease in transaction activity, Bitcoin has nearly cleared its backlog of unprocessed transactions, which numbered around 250,000 as of late December 2024, according to Johoe's Bitcoin Memory Pool statistics. On Saturday, multiple Bitcoin blocks were in an unfilled state as the memory pool emptied and transaction fees were near historic lows. The decrease in mining activity could make profitable mining more difficult, especially after last year's halving event. Several large bitcoin mining companies are exploring business diversification to provide computing power for artificial intelligence and high-performance computing workloads.

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