Sato Technology COO, Fanny Philip, stated that her belief that bear markets should be viewed as a market of opportunity for mining companies is doubled.
The decisions companies make in bear markets play a crucial role in determining their longevity in the crypto ecosystem. COO Fanny Philip, representing Canadian Bitcoin (BTC) mining firm Sato Technologies, explained what it takes to survive the downtrend as the market prepares for the next bull run.
Speaking about the impact of bear markets on business during the Surfin Bitcoin 2022 event in France, Philip said it was time for mining companies to build and learn.
Sato continues its life as a digital asset mining company that has been trading on the Toronto Stock Exchange (TSXV) since September 2021 and has been mining both Bitcoin (BTC) and Ether (ETH). Philip also talked about the initial difficulties of entering the crypto world despite entering the world during the bull market.
High demand for miners in the Quebec region of operation, where the company originally set up shop, has led to the delay of new mining facilities and a hostile response from local residents. In addition, Philip linked the global pandemic as a catalyst for "difficulties in the supply of electrical equipment."
When asked about the effects of the bear market, Philip had more positive thoughts than negative ones. When asked if bear markets are a good thing, she replied: "Building? The bear market is a great market for us. It's Excellent."
He also commented on the relationship between BTC price, mining and purchasing mining equipment. Philip also explained: "When the price of Bitcoin is low, you get out more cryptocurrencies. If you have to buy equipment, the price of the equipment drops a lot because it is linked to the price of Bitcoin." All these factors mentioned above are helping companies in the industry grow, and according to Philip, Sato is in the growth phase.
This can be seen in the company's brand new contract with Foundry Digital LLC (Foundry). The two companies struck a deal that made it possible for Sato to host an additional 4,300 miners at Center One in Québec. All of these will be powered by renewable energy. In addition to mining BTC as its primary focus, Sato uses its mining capabilities to mine small amounts of ETH. When asked about any strategy to face the upcoming Ethereum The Merge, Philip said it was time to diversify and learn about the options. "What will happen, nobody knows. That's why we decided to diversify. Mining is our core business, but we are developing many applications on top of the Lightning Network."