The actions companies take during bear markets play a significant role in determining their place in the cryptocurrency ecosystem. Fanny Philip, the chief operating officer of the platform Sato Technologies, a Bitcoin mining company based in Canada, demonstrated what is required to survive the bearish market climate and prepare for the upcoming bull run.
The Chief Operating Officer of Sato asserts that a bear market is an opportunity for growth.
During the France-based event Bitcoin 2022, which was organized by Surfin, Philip discussed the impact of the bear market on the overall business. She stated that the current time is ideal for mining companies to construct and learn more. Sato is a company that specializes in the mining of digital assets. It has been publicly traded on the Toronto Stock Exchange (TSXV) since September last year.
Both Bitcoin and Ether (ETH) are mined by the respective company (BTC). In addition, Philip stated that the initial concerns involve establishing a position in the market despite entering the industry during a bull run. In the jurisdiction of Quebec – where the platform established its first workplace – a significant demand for miners paved the way for a moratorium on exclusive mining operations as well as the hostility of the local populace.
When Bitcoin Is Cheap, Mine and Buy Equipment, Says Sato’s COO
In addition, Philip cited the global pandemic as the primary event that greatly contributed to the escalation of complications that led to problems such as the procurement of electrical equipment. In response to a question about the effects of a bear market, the chief operating officer expressed a significantly more optimistic view than a pessimistic one.
In response to whether bear markets hold a favorable position in the market, she stated that these phases are advantageous for construction. According to her, when the price of Bitcoin is low, one should mine it and purchase mining equipment. She added that the aforementioned factors aid in market development, and as such, the construction phase of Sato is currently underway.
Sato utilizes its mining capabilities to mine a small amount of ETH while concentrating on the mining of BTC. When asked about the strategy for dealing with the upcoming Ethereum Merge, she stated that the current objective is to diversify and consider new options.