Bear market uncertainty is the perfect time to build and learn, says Sato-exec

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The decisions companies make during bear markets play a critical role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining company Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run.

Speaking to TSTIME at the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn.

Sato is a digital asset mining company, listed on the Toronto Stock Exchange (TSXV) since September 2021, mining both Bitcoin (BTC) and Ether (ETH).

Philip went on to tell TSTIME about the initial challenges of setting up in the industry despite entering the space during a bull market.

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The high demand for miners in the region where the company operated, where the company initially established itself, caused a moratorium on new mining facilities and unfriendly feelings from local residents. In addition, Philip referred to the global pandemic as a catalyst for “difficulty buying electrical equipment”.

Related: Crypto in Canada: where are we today and where are we going?

But when asked about the effects of the bear market, Philip had more positive than negative sentiments. When asked if bear markets are a good thing, she replied:

“Build? Perfect. Bear market is a built market for us.”

She also commented on the relationship between the price of BTC, mining and the purchase of mining equipment.

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“When the price of Bitcoin is low, you minus more,” said Philip. “If you must [purchase] equipment, because it is linked to the price of the Bitcoin, the price of the equipment drops a lot.”

All of these factors mentioned above are helping companies in the industry to convert, and according to Philip, Sato is in the construction phase.

This is reflected in the company’s brand new agreement with Foundry Digital LLC (Foundry). The two companies have signed a deal that will allow Sato to house an additional 4,300 miners at Center One in Québec. They will all be powered by renewable energy.

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Sato uses his mining abilities to mine a small amount of ETH, in addition to his primary focus on BTC mining.

When asked about possible strategies for tackling the upcoming Ethereum merger, Philip said it’s time to diversify and learn about options.

“Nobody really knows what will happen. 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 look at all the opportunities to build and earn within the Ethereum ecosystem. “It’s all part of evolution,” Philip concluded.