1. A method of reducing power consumption in a multi-port memory device having a plurality of serial ports, the method comprising: monitoring a transmission and reception of data on a plurality of serial ports in a memory device using an activity detection line coupled to each serial port of the plurality of serial ports; determining if any serial port of the plurality of serial ports is inactive based, at least in part, on the activity detection line; for each of the monitored plurality of serial ports, detecting when a shut-off criteria is satisfied at the serial port, the shut-off criteria based, at least in part, on a period of inactivity of the serial port; and when the shut-off criteria is satisfied at a first serial port of the plurality of serial ports, powering down the first serial port without affecting the operation of the plurality of other serial ports of the memory device.