The head brokerage firms also acted to regulate the virtual currency "mining"! Red-headed documents on mining explicitly prohibited, mining is facing strong global regulation

In September 2021, the Development and Reform Commission and other departments issued a notice on the rectification of virtual currency "mining" activities, adding "virtual currency 'mining' activities" to the "Industrial Structure Adjustment Guidance Catalogue (2019)" "elimination category", requiring all regions and departments to play a concerted role in strengthening the supervision of the entire industry chain upstream and downstream of virtual currency "mining" activities, strictly prohibiting new virtual currency "mining" projects, and accelerating the orderly withdrawal of the stock of projects.

After the introduction of a comprehensive shutdown of virtual currency mining project policy, Inner Mongolia and other places to "rectify" the virtual currency mining industry.

With the escalation of strict regulation, as many as 18 virtual currency trading platforms staged a "great escape", shutting down new user registration, disconnecting IP access in mainland China, and gradually retiring the stock of users on the same day. Exchanges and mines are now forced to stop their services in mainland China and go overseas.

According to data from the Cambridge Centre for Alternative Finance in October, China's share of global computing power, or the computing power needed for bitcoin "mining" activities, fell from 44 percent in May to 0 percent in July, compared to 75 percent in 2019. In just two months, "mining" computing power has gone to zero.