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This article Reducing memory usage - Firefox is a good reference on how to reduce memory usage by Firefox. Follow through the suggestions in this article will sure make your Firefox much faster.
Major points:
- If you don't need all the extensions and plugins, you can start firefox at safe-mode
- Clear download history
- Configure memory usage limit
- Restart Firefox periodically. To help keep the sessions upon restart, using Session Manager Firefox Addon.
To start firefox in safe-mode, just do
$ firefox -safe-mode &
More references:

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