The decisions companies make during bear markets play a key role in determining their longevity in the crypto ecosystem. Fanny Philip, COO representing Canadian Bitcoin (BTC) mining company Sato Technologies, revealed how to survive the bearish loom as the market prepares for the next bull run.
Speaking to Cointelegraph about the impact of the bear market on business during the Surfin’ Bitcoin 2022 event in France, Philippe said that now is the time for mining companies to build and learn.
Sato is a digital asset mining company publicly traded on the Toronto Stock Exchange (TSXV) since September 2021, mining both Bitcoin (BTC) and Ether (ETH).
Philip further told Cointelegraph that despite entering the industry during the bull market, there were initial challenges in establishing in the industry.
High demand for miners in the Quebec region where the company originally set up shop has led to the suspension of new mining facilities and unfriendly sentiment among local residents. Additionally, Philippe sees the global pandemic as a catalyst for “difficulty in procuring electrical equipment.”
related: Cryptocurrency in Canada: Where are we today and where are we going?
Although when asked about the impact of the bear market, Philippe was more positive than negative. When asked if a bear market is a good thing, she replied:
“Build? Perfect. A bear market is a mature market for us.”
She also commented on the relationship between the price of BTC, mining and buying mining equipment.
“When the price of bitcoin is low, you mine more,” Philip said. “If you must [purchase] Equipment, since it is pegged to the price of Bitcoin, the price of equipment has dropped a lot. “
All of these factors above contribute to company building within the industry, and according to Philip, Sato is in the construction phase.
This can be seen in the company’s new agreement with Foundry Digital LLC (Foundry). The two companies have reached an agreement that will allow Sato to host up to 4,300 miners at Centre One in Quebec. All will be powered by renewable energy.
In addition to focusing primarily on BTC mining, Sato also uses its mining power to mine a small amount of ETH.
When asked about any strategies for dealing with the impending ethereum merger, Philip said now is the time to diversify and understand the options.
“What happens, no one really knows. That’s why we decided to diversify. Mining is our core business, but we develop many applications on top of the Lightning Network.”
Finally, she emphasized that The Merge can be seen as an opportunity to study all the possibilities of building and making money in the Ethereum ecosystem. “It’s all part of evolution,” Philip concluded.
