Sato Exec says that the bear market uncertainty of late, is the perfect time to build and learn, mostly for mining companies.
Companies’ choices during downturn markets are critical in deciding their sustainability in the crypto ecosystem. COO Fanny Philip of Canadian Bitcoin (BTC) mining company Sato Technologies discussed what it takes to withstand the bearish spell while the market prepares for the next bull run.
During a discussion about the influence of bear markets on business at the Surfin’ Bitcoin 2022 event in France, Philip stated that now is the time for mining firms to expand and learn.
Sato is a cryptocurrency mining firm that has been publicly listed on the Toronto Stock Exchange (TSXV) since September 2021 and mines both Bitcoin (BTC) and Ether (ETH) (ETH).
Philip also discussed the initial hurdles of establishing a business in the field despite joining the market during a bull market. The Sato Exec says that the bear market uncertainty is a great time for building for mining companies.
The strong demand for miners in the company’s first Quebec zone of operation resulted in a prohibition on additional mining operations and hostile emotions from local inhabitants. Furthermore, Philip attributed the global epidemic to “difficulties in acquiring electrical equipment.”
When questioned about the impact of the bear market, Philip expressed more positive than negative feelings. When asked if bear markets are beneficial, she replied:
“To build? Perfect. Bear market is a built market for us.”
She also discussed the link between the price of Bitcoin, mining, and the purchase of mining equipment.
“When the price of Bitcoin is low, you mine more,” Philip said. “If you have to [purchase] equipment, since it’s linked to the price of the Bitcoin, the price of the equipment decreases a lot.”
All of the aforementioned criteria aid in the construction of firms in the sector, and according to Philip, Sato is in the construction phase.
This is seen in the company’s recent partnership with Foundry Digital LLC (Foundry). The two firms reached an agreement that allows Sato to house up to 4,300 extra miners at Center One in Québec. Everything will be fueled by renewable energy.
Sato, in addition to its major concentration on BTC mining, uses its mining powers to mine a tiny amount of ETH.
When asked whether he had any methods for dealing with the approaching Ethereum Merge, Philip stated that now is the time to diversify and learn about possibilities.
“What’s going to happen, nobody really knows. That’s why we decided to diversify. Mining is our core business but we develop a lot of applications on top of the Lightning Network.”
Finally, she stated that The Merge may be viewed as a chance to consider all options for building and earning inside the Ethereum ecosystem. “It’s all part of the process,” Philip said.
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