The actions Philip told at the Surfin’ Bitcoin 2022 event in France that now is the time for mining businesses to build and learn about how bad markets affect business. by firms during bear markets determine their longevity in the crypto ecosystem. As the market prepares for the next bull run, the COO of Canadian Bitcoin (BTC) mining company Sato Technologies, Fanny Philip, shared what it takes to withstand the negative shadow.
Philip told during the Surfin’ Bitcoin 2022 event in France on the influence of bad markets on business that now is the time for mining businesses to construct and acquire knowledge.
Since September 2021, Sato has been a publicly listed business on the Toronto Stock Exchange (TSXV) that mines both Bitcoin (BTC) and Ether (ETH).
Even though he got into the market during a bull market, Philip told Cointelegraph about how hard it was to get started.
The strong demand for miners in the zone of operation in Quebec, where the firm first set up shop, led to a ban on new mining facilities and hostility from the locals. In addition, Philip linked the global epidemic to “difficulties sourcing electrical equipment.”
Where are we now and where are we going with crypto in Canada?
Nonetheless, when questioned about the impact of the bear market, Philip was more optimistic than pessimistic. When asked whether bear markets are advantageous, she responded:
“To erect? Perfect. For us, a bear market is a constructed market.
She also commented on the correlation between BTC pricing, mining, and the acquisition of mining equipment.
Philip stated, “When the price of Bitcoin is low, you mine more.” “Since the price of equipment is tied to the price of Bitcoin, it lowers significantly if you must buy it.”
All of the aforementioned reasons contribute to the growth of businesses in the sector, and according to Philip, Sato is in the growth phase.
This is seen in the company’s recent contract with Foundry Digital LLC (Foundry). The agreement between the two firms enables Sato to host up to 4,300 extra miners at Center One in Québec. All will be fueled by renewable energy sources.
In addition to its primary concentration on BTC mining, Sato uses its mining powers to mine a minor amount of ETH.
When questioned about potential tactics for the approaching Ethereum Merge, Philip advised diversification and learning about available possibilities.
Nobody actually knows what will transpire. We thus decided to diversify. Mining is our major business, but we produce a large number of Lightning Network-based apps.”
She concluded by noting that The Merge might be viewed as a chance to examine all opportunities to grow and profit inside the Ethereum ecosystem. Philip said, “It is all a part of evolution.”
