Once, the Jiangxi Jiumu Group's Genesis Company had about 160,000 "mining machines" running daily, peaking at over 100,000 Bitcoin mining machines and more than 300,000 Ethereum mining machines.

From 2017 to 2020, the electricity consumption for mining by Genesis Company accounted for 10% of the total electricity consumption in Fuzhou City. According to Jiangxi's industrial electricity standards, the company's annual electricity bill reached as high as 1 billion yuan.

It is rumored that in 2017-2018, NVIDIA's Jensen Huang often took a private jet to Jiangxi because there was a huge Ethereum mining factory that was particularly extravagant, purchasing NVIDIA's production for two years in one go. Huang was surprised and frequently visited the site for inspection. One could also say that the prosperity of mining contributed to NVIDIA's success.

In 2018, China's Bitcoin mining farms accounted for 70% of the global computing power, an absolute dominance. At that time, the two mining pools BTC.com (24.04%) and AntPool (15.11%), under Bitmain, ranked first and second in terms of total network computing power percentage, totaling 39.15%. Other mining pool operators from China included ViaBTC (13.14%), BTC.top (9.58%), F2Pool (5.53%), etc.

In addition, important annual conference forums on blockchain are also held in China.

In May 2021, multiple ministries issued documents, leading to a nationwide crackdown on Bitcoin mining. Provinces such as Inner Mongolia, Sichuan, and Xinjiang were instructed to immediately halt virtual currency mining.

Across the country, Bitcoin and other virtual currency mining machines were collectively cut off from power, officially announcing the end of the mining era, while the term blockchain evolved into a neutral to slightly negative term domestically. For example, if a blockchain company holds a meeting in a five-star hotel, it won’t be long before some “hat uncle” joins the meeting, and soon everyone goes home to find their own mothers. $BTC $ETH