One of the largest cryptocurrency mining companies is feeling the heat of the latest market downturn.

Core Scientific sold most of its bitcoin holdings in June, the company said Tuesday in a monthly report. He sold 7,202 bitcoins for about $167 million and now has 1,959 bitcoins and $132 million in cash on his balance sheet.

Proceeds from the sale of bitcoins were used to pay for ASIC servers that are commonly used for cryptocurrency mining; investment in data center capacity; and scheduled debt repayment, according to Core Scientific.

The company says it will continue to sell mined bitcoins to pay operating costs and maintain liquidity, among other things.

The announcement is just the latest sign that major crypto players are taking drastic action to try and survive in a struggling market. The second quarter of 2022 was a tough one for the entire sector, especially June. Forced sales and liquidations have caused a stir in the industry, and the fall in the price of bitcoin has also taken its toll on miners.