Cryptocurrency

Sato Technologies’ Fanny Philip on the impact of bear market over cryptocurrency businesses

Decisions made by companies during effects of bear markets are expected to play a role in determination of the cryptocurrency’s ecosystem. Fanny Philip, COO, Sato Technologies, a Canadina Bitcoin (BTC) mining firm, has spoken about the anecdotes necessary to sustain the bearish loom as the market prepares for the next bull run, as reported by Cointelegraph.

According to Cointelegraph, during the Surfin’ Bitcoin 2022 event in France, Philip emphasised on the impact of bear markets on business, and for mining companies to build and understand. Sato is a digital assets mining company, publicly traded on the Toronto stock exchange (TSXV) since September, 2021, and mines both Bitcoin (BTC) and Ether (ETH). Philip further told about the initial challenges of arranging the industry, despite entering cryptocurrency ecosystem during a bull market. High demand for miners in the Quebec region, where the company originally had set-up its base, created a temporary stoppage on new mining facilities and unrest from the local residents. When asked about the effects of bear market, Philip had a positive outlook towards it, while commenting on the price relationship between BTC, mining and purchasing mining equipment. 

Moreover, Cointelegraph noted on Sato Technolgies’ new agreement Foundry Digital LLC (Foundry). The two companies signed a deal to make it possible for Sato to host an additional 4,300 miners at center one in Quebec, and the programme will reportedly be supported by renewable energy. “What’s going to happen, nobody really knows. That’s why we decided to diversify. Mining is our core business but we develop a lot of applications on top of the Lightning Network,” Philip said, on diversifying and learning about options. At the concluding part, Philip highlighted that the Merge could be seen as a way to look at the possibilities to build and earn within the Ethereum ecosystem. “It’s all part of the evolution,” Philip mentioned. 

(With insights from Cointelegraph)  

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