There are a number of cryptocurrency miners in China which have halted their operstions after the government crackdown (May 2021). It is an effort to reduce the financial risks. The virtual currency mining is a sizeable business in China, and it is estimated that almost 70 per cent of the global crypto supply is mined in China.

Crypto miners use increasingly powerful computers or rigs to verify virtual coin transactions in a process which produces newly minted crypto currencies such as Bitcoin. Such mining consumes lot of energy. This violates China’s carbon neutrality goals. China also intends to curtail speculative crypto trading. Both Bitcoin and Ether fell down in value in China.