On July 6, 2025, the Bitcoin mempool was nearly empty despite the cryptocurrency trading at $109,268, reflecting a 1.07% increase from the previous close. This unusual situation, reported by multiple sources, indicates a shift in user behavior and a potential move towards off-chain solutions.
Historically, price surges have led to network congestion and higher transaction fees. However, in 2025, the mempool showed minimal backlog, with only a few thousand transactions awaiting confirmation. The day's trading range saw a high of $109,469 and a low of $107,846.
This decline in on-chain activity presents challenges for miners, whose revenue is partially derived from transaction fees. The hashrate has only seen a modest increase of about 25% since the halving, suggesting that the incentive for miners to invest in additional hardware remains relatively low. Some large Bitcoin mining companies are considering diversifying into other businesses.