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Top Cryptocurrency News: Bear Market Uncertainty is the Perfect Time

27-Aug-2022 By: Ashish Sarswat
Top Cryptocurrency N

The choices businesses make during bear markets are crucial in 

deciding how long they remain in the crypto ecosystem. 

COO Fanny Philip of Canadian Bitcoin (BTC) mining company Sato Technologies discussed what it takes to withstand the bearish spell while the market prepares for the next bull run.

Speaking to a local media outlet on the influence of bear markets on business during the Surfin' Bitcoin 2022 event in France, Philip stated that “this is the time for mining firms to expand and learn.”

Sato is a cryptocurrency mining firm that has been publicly listed on the Toronto Stock Exchange (TSXV) since September 2021 and mines both Bitcoin and Ethereum.

Philip also spoke to a media outlet about the initial hurdles of establishing a business in the industry, despite joining the space during a bull market.

The high demand for miners in the company's first Quebec zone of operation resulted in a moratorium on additional mining operations and hostile emotions from local inhabitants. Furthermore, Philip attributed the global epidemic to difficulties in obtaining electrical equipment.

Though when questioned about the impact of the bear market, Philip had more positive thoughts than negative ones. When asked if bear markets are advantageous, she said, "To build?  Perfect. For us, the bear market is a constructed market.

She also discussed the connection between the cost of Bitcoin, mining, and the purchase of mining equipment.

"When the price of BTC is low, you mine more," according to Philip. "If you have to [buy] equipment, the price of the equipment drops dramatically since it is related to the price of Bitcoin."

All of the aforementioned criteria aid in the development of firms in the sector, and as stated by Philip, Sato is in the development phase.

This is seen in the company's recent partnership with Foundry Digital LLC.  The two firms reached an agreement that allows Sato to house up to 4,300 extra miners at Center One in Québec. All of this will be fueled by renewable energy.

Sato, in addition to its major concentration on BTC mining, uses its mining powers to mine a tiny amount of ETH.

When asked whether he had any methods for dealing with the approaching Ethereum Merge, Philip stated that now is the time to diversify and learn about possibilities.

“Nobody truly knows what will happen. That's why we chose to expand out. Mining is our primary business, but we also build a variety of apps on top of the Lightning Network.”

Lastly, she stated that The Merge may be viewed as a chance to consider all options for building and earning inside the Ethereum ecosystem. Philip continued, "It's all part of the evolution."

Read Also: Cryptocurrency price update: BITCOIN PRICE ANALYSIS : Bloodbath seen in BTC after breaking bearish flag and bullish channel line

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