The decisions companies make in bear markets play an important role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next uptrend.
Speaking to Cointelegraph at the Surfin’ Bitcoin 2022 event in France, Philippe said it’s time for mining companies to get creative and learn about the business impact of bear markets.
Sato is a digital asset mining company listed on the Toronto Stock Exchange (TSXV) as of September 2021 that mines both Bitcoin (BTC) and Ether (ETH).
Philip also spoke to Cointelegraph about the initial difficulties of entering the industry, despite entering the market during a booming market.
The high demand for miners in the Quebec region of operation, where the company initially set up shop, caused a moratorium on new mining facilities and unfriendly sentiments from the local residents. Moreover, Philip related the global pandemic as a catalyst for “difficulties in sourcing electrical equipment.”
When asked about the effects of the bear market, Philip had more positive sentiments than negative ones. When asked if bear markets are a good thing, she answered:
“To build? Perfect. Bear market is a built market for us.”
She also emphasized the relationship between the price of BTC, mining, and purchasing mining equipment.
All of the factors mentioned above help companies in the industry build, and conferring to Philip, Sato is in the building phase.
This can be seen in the company’s brand-new agreement with Foundry Digital LLC (Foundry). The two companies struck a deal that makes it possible for Sato to host up to an additional 4,300 miners at Center One in Québec. All of which will be powered by renewable energy.
Sato uses its mining capabilities to mine a small amount of ETH, adding to its primary focus on BTC mining.
When asked about any strategies to face the upcoming Ethereum Merge, Philip said it’s the time to diversify and learn about options.
Finally, she stressed that The Merge could be seen as an opportunity to look at all possibilities to build and earn within the Ethereum ecosystem. “It’s all part of the evolution,” Philip concluded.
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