Internet reports that the Bitcoin memory pool has been emptied and the number of transactions has hit an 11-month low. In January, transaction volume on the Bitcoin network fell to its lowest level in 11 months, falling by more than 43% compared with the highest monthly transaction volume in network history set in October 2024. As transaction activity has declined, Bitcoin has almost cleared its backlog of unprocessed transactions, which, according to Joe's Bitcoin memory pool statistics, stood at approximately 250,000 as of late December 2024. On Saturday, multiple Bitcoin blocks remained unfilled as the memory pool emptied and transaction fees approached historical lows. Reduced 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.