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It makes sense to mine Bitcoin in the early days, but it does not make sense to mine it now. Because there is excessive energy consumption. China has already mined enough btc long ago. There are enough btvmc reserves. After this time, he may not want to spend his energy on btc. I think it's a smart choice. It's a state policy after all.
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The Chinese Crypto Mining Crackdown - Trend or Mistake?
Will other countries follow or has China signed itself up for some hefty regret?
One of the contributing factors in Bitcoin’s decline over the past months was the growing effects of Chinese regulations on mining. Despite China’s 2017 ban on ICOs, it managed to become the top cryptocurrency miner in the world. However, this time, the scenario is a tad different, hinting towards a more drastic boycott of cryptocurrencies altogether. The prevailing adversity of the matter came into the picture as some of the largest crypto miners around the globe, including Houbi Mall and BTC.TOP, declared their exit from China shortly after the crackdowns were announced.