Why were graphics cards so important in Bitcoin mining?
Then programmable GPUs came along, and somebody (well, everybody) discovered they are perfect for mining Bitcoin - so most people switched to GPUs or FPGAs, and the resulting difficulty increase eliminated CPU miners (Bitcoin adjusts the mining difficulty automatically - the more hashes per second total in the network, the harder it gets).
Links farther down on same page:
What is graphics card "mining"? How many Bitcoins can I mine in one day with an NVIDIA GTX 670 graphics card?