The number of unconfirmed transactions in the Bitcoin mempool has drastically decreased in January, reaching its lowest level since 2022. Transfer activity on the Bitcoin blockchain has also decreased significantly since November 2024. This decline in activity has resulted in a decrease in onchain fees and a reduction in the mempool of unconfirmed transfers. At the same time, miners have seen diminished revenue following the fourth halving in April 2024. To regain favorable positions, miners will need Bitcoin prices to increase and onchain activity to rise.



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