The Bitcoin memory pool empties, and the number of transactions hits an 11-month low. In January, the Bitcoin network's transaction volume fell to its lowest level in 11 months, a decrease of more than 43% compared to the highest monthly transaction volume in the network's history set in October 2024. With the decrease in transaction activity, Bitcoin has all but cleared the backlog of unprocessed transactions. According to Johoe's Bitcoin memory pool statistics, the number of unprocessed transactions was around 250,000 as of late December 2024. On Saturday, multiple Bitcoin blocks were left unfilled as the memory pool emptied and transaction fees approached an all-time low. The decrease in mining activity may 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.