Bear market uncertainty is the perfect time to build and learn, says Sato exec

cointelegraph.com:

The decisions made by companies during bear markets play a pivotal role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run.

Speaking to Cointelegraph during the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn. 

Sato is a digital assets mining company, publicly traded on the Toronto Stock Exchange (TSXV) since Sept. 2021 and mines both Bitcoin (BTC) and Ether (ETH).

Philip further told Cointelegraph about the initial challenges of setting up in the industry despite entering the space during a bull market.

The high demand for miners in the Quebec region of operation, where the company initially set up shop, caused a moratorium on new mining facilities and unfriendly sentiments from the local residents. Moreover, Philip related the global pandemic as a catalyst for “difficulties in sourcing electrical equipment."

Related: Crypto in Canada: Where are we today, and where are we heading?

Though when asked about the effects of the bear market, Philip had more positive sentiments than negative ones. When asked if bear markets are a good thing, she answered:

She also commented on the relationship between the price of BTC, mining and purchasing mining equipment.

“When the price of Bitcoin is low, you mine more,” Philip said. “If you have to [purchase] equipment, since it’s linked to the price of the Bitcoin, the price of the equipment decreases a lot."

All of these factors mentioned above help companies in the industry build, and according to Philip, Sato