Sato Technology COO, Fanny Philip, believes bear markets are a learning and development period for mining companies.
Stating that the decisions made by companies in bear markets play a very important role in determining their longevity in the crypto ecosystem, Philip made statements on the subject.
Sato COO Recounts How He Interprets the Bear Period
Fanny Philip, COO of Canadian Bitcoin (BTC) mining firm Sato Technologies, explained what the firm is aiming for during the bearish period, as the market expects the next bull period.
Speaking about the impact of bear markets on business during the Surfin Bitcoin 2022 event in France, Philip said that the time has come for mining companies to develop and learn.
Philip also talked about the initial difficulties in entering the industry despite entering the space during a bull market.
High demand for mining in the Quebec region of operation, where the company originally set up shop, led to the delay of new mining facilities and backlash from local residents.
When asked about the effects of the bear market, Philip had positive thoughts about the bear market rather than negative ones. When asked if bear markets are a good thing, he replied:
“Evolve? Perfect. The bear market is a more predictable market for us.”
He also said about the relationship between BTC price, mining and purchasing mining equipment:
“When the price of Bitcoin is low, you mine more. If you have to buy equipment, the price of the equipment is also cheaper as the prices are linked to Bitcoin.”
When asked about the upcoming Ethereum Merge, Philip said:
“What will happen, nobody knows. That’s why we decided to diversify our operations. Mining is our core business, but we are developing many applications on top of the Lightning Network.”
Sato is a digital asset mining company that has been trading on the Toronto Stock Exchange (TSXV) since September 2021 and has been mining both Bitcoin (BTC) and Ethereum (ETH).
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