This sounds more like a server configuration issue, not a MathJax issue. You need to balance the number of child processes started by your server to respond to incoming requests agains the amount of memory that you have available (and 1GB is terribly small for an active server). How you do that depends on the server software you are using.
Since MathJax itself runs on the client, not the server, the only impact MathJax has on your server is the requests it makes for the files that it needs (like its various components, its fonts, and so on). If you are not using a combined configuration file (e.g., "MathJax.js?config=TeX-AMS-MML_HTMLorMML" in the URL for MathJax), then you might consider doing that, as that will reduce the number of files that MathJax needs to request. If your configuration loads extensions that are not commonly used, you might be able to remove them and use the autoload extension to cause them to be loaded only when needed. The only other thing I can think go would be to call on MathJax from the MathJax CDN rather than serve your own copy.
Davide