Cryptocurrency exchanges and initial coin offerings (ICOs) may be heavily restricted in China, but according to social media, plenty of local investors and miners are feeling the pain from Bitcoin’s precipitous fall this past week.

As of Wednesday afternoon, the value of the world’s most widely cryptocurrency had slipped over 30% in seven days. After falling below $5,000, the token also hit a 13-month low.

On microblogging site Weibo, the hashtag “Bitcoin nosedive” (比特币暴跌) has been read over 92 million times. Posts include pictures and videos of what appear to be spare bitcoin miners being sold off, or piled outside buildings.

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Bailey Hu

Bailey Hu is based in China’s hardware capital, Shenzhen. Her interests include local maker culture, grassroots innovation and how tech shapes society, as well as vice versa.