The decisions of companies in the Bear market play an important role in determining their longevity in the cryptocurrency ecosystem. Representing Canadian Bitcoin (BTC) miner Sato Technologies, COO Fanny Philip revealed what it takes to survive in the bearish landscape as the market prepares for the next bull run.
Speaking to Cointelegraph during the Surfin Bitcoin 2022 event in France about the impact of a bear market on business, Philip said now is the time for miners to build and learn.
Sato is a digital asset mining company, which is publicly traded on the Toronto Stock Exchange (TSXV) since September 2021 and mines both Bitcoin (BTC) and Ether (ETH).
Philip added to Cointelegraph about the initial challenges of establishing in the industry despite entering the cryptocurrency space amid a Bull Market (bull market).
Although when asked about the impact of a bear market, Philip has more positive views than negative ones. When asked if a bear market is a good thing, she replied:
“To build? Perfect. A bear market is a market for us.”
She also commented on the relationship between BTC prices, mining, and the purchase of mining equipment.
“When the price of Bitcoin is low, you get more mining. “If you have to buy equipment, since it is linked to the price of Bitcoin, the price of the device will go down a lot.”
All of these factors help companies in the industry build their businesses, 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 reached an agreement that made it possible for Sato to receive an additional 4,300 of mining equipment at Centre One in Québec. All of them will use renewable energy.
Sato uses his mining capabilities to mine small amounts of ETH in addition to the main goal of BTC mining.
When asked about his strategy to face Ethereum’s upcoming The Merge event, Philip said it’s time to diversify and learn about options.
“What’s going to happen, no one really knows. That’s why we decided to diversify. Mining is our core business but we develop a lot of applications on the Lightning Network. “
