Whether or not a company survives as part of the cryptocurrency ecosystem depends heavily on the actions it takes during bear markets. 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.
Philip discussed the impact of the bear market on the company as a whole at a Bitcoin 2022 event hosted by Surfin in France. 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 was first released to the public last September and has been traded on the Toronto Stock Exchange (TSXV) since then.
The respective firm engages in Bitcoin and Ether (ETH) mining (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
Philip also noted that the global pandemic was a major factor in the escalation of complications that ultimately led to issues like the lack of adequate 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 a question about whether or not bear markets have a place in the market, she said that these periods are ideal 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. In response to a question about the strategy for dealing with the upcoming Ethereum Merge, she stated that the focus is currently on diversification and considering new options.