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Expert sees crisis as an opportunity for miners



 The decisions crypto companies make during the crisis lay the foundation for their long-term success in the future. In this context, Fanny Philip, the Chief Operating Officer (COO) of the Canadian mining company Sato Technologies, reveals what it takes to survive the bear market and successfully shape the next bull run.


The mining expert spoke to Cointelegraph at the Surfin' Bitcoin 2022 conference in France. Philip believes that the bear market is the best opportunity for crypto companies to build and learn.


The mining company Sato has been listed on the Canadian stock exchange Toronto Stock Exchange (TSXV) since September 2021 and is primarily active in mining Bitcoin ( BTC ) and Ethereum ( ETH ).


Philip explained to Cointelegraph the difficulties her firm had in initially entering the market, despite it occurring in a bull market.


The high demand for crypto mining in the Canadian province of Quebec, where the company was initially based, led to a ban on new mining companies and a hostile attitude among the regional population. Added to this was the corona crisis, which had caused additional “difficulties in procuring hardware”.


On the other hand, when asked what effects the current bear market is having on business, the expert was much more positive. The crisis could also offer opportunities:


“The crisis is perfect for building. For us, the bear market is a hardware store.”

Philip also explains to us the interactions between the Bitcoin price, mining and the procurement of mining hardware:


“When the bitcoin price is low, you have to mine more. However, you have to buy more equipment to do that, but since the acquisition cost of it depends on the course, the price of equipment goes down proportionately.”


These factors, in turn, make it possible for the company to be built up and expanded during the crisis, which is why Sato Technologies is clearly in a development phase, according to Philip.


The new cooperation with Foundry Digital LLC (Foundry) provides practical proof of this. The deal between the two companies will allow Sato to operate up to 4,300 additional mining rigs in its Quebec data center, all powered by renewable energy.


Sato uses its mining capacities mainly for the mining of market leader BTC, but ETH is also produced proportionately.


When asked about the strategy for the upcoming Ethereum merge, Philip wants to focus on more diversification in the future:


"No one really knows what's going to happen. So we want to diversify more. Mining is our main business, but we also develop applications for the Lightning Network, for example.”

But here, too, the expert finally emphasizes that the merge can be an opportunity to examine all new possibilities within the Ethereum ecosystem and to reposition oneself. "It's all part of an evolution," Philip sums up.

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