TORONTO, Aug. 29,
2022 /CNW/ - CryptoStar Corp. (TSXV: CSTR) (OTCQB:
CSTXF) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, is pleased to
provide an update on operations.
- As at August 29, 2022, the
Company has an aggregate self-mining Hashrate of 94.4 PH/s from
ASIC miners and 125,550 MH/s from GPU miners running at its data
- The 94.4 PH/s and 125,550 MH/s of existing self-mining Hashrate
currently contributes USD$332,569 per
month in self-mining revenue for CryptoStar. (Source:
https://whattomine.com/ Mining metrics are calculated based on a
BTC - USD exchange rate of 1 BTC = $19,813.77 and ETH - USD exchange rate of 1 ETH =
$1,447.91 updated at 2022-08-29
- 160 high performance ASIC miners of the previously announced
purchase of 600 high performance ASIC miners remain to be deployed.
This will increase the Company's self-mining Hashrate from ASIC
miners by a further 14.1 PH/s. The Company anticipates deploying
these ASIC miners as expeditiously as possible upon expansion of
its operations in Quebec,
- The Company executed a new Equipment Hosting Agreement for one
of its award-winning data centre facilities in Utah, USA, effective August 14, 2022, which increased the aggregate
monthly hosting revenues earned by the Company by USD$37,000 to USD$177,000 for an aggregate mining capacity of
approximately 12 MW (annual hosting revenues of USD$2.1 million).
Expansion in Quebec
- The Company, through a subsidiary, continues to make progress
on its expansion of operations in Quebec,
Canada, and on its application with Hydro Quebec to secure
an additional 5 MW of power at its data centre.
LOI with Kansas Partner
- The Company continues to perform diligence on the potential
power supply agreement with a Kansas-based energy company as previously
announced on February 10, 2022.
- The natural gas power generation site of 611890 Alberta Inc.
DBA Avila Energy (the "Alberta Partner") remains shut down.
Litigation against the Alberta Partner et al. is ongoing with
respect to the non-compliance with terms of the power supply
agreement for up to 30 MW and damages arising therefrom.
- The Company plans to continue to further expand its self-mining
inventory of mining hardware. Further orders for mining hardware
may be placed using astute capital management strategies based upon
prevailing market conditions.
- The Company plans to continue to further expand its data centre
operations in North America by
partnering with large cryptocurrency miners seeking operating
locations in North America. The
Company continues to consider and perform diligence on several
potential transactions and opportunities.
- The Company is in a strong financial position and is well
- As at August 29, 2022, the
Company held 555.03 ETH, 80.60 BTC and USD$2.8 million (CAD$3.5
million) in cash.
- Additionally, the Company has made payments and deposits for
buildings and infrastructure equipment of USD$4.2 million (CAD$5.4
About CryptoStar Corp.:
CryptoStar has cryptocurrency mining operations with data
centres located in the U.S.A. and
Canada. CryptoStar is currently
dedicated to becoming one of the lowest cost cryptocurrency
producers in North America and a
major supplier of GPU and ASIC miners worldwide.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this press release.
This news release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "expects", "is expected", "anticipates", "intends",
"believes", or variations of such words and phrases or state that
certain actions, events or results "may" or "will" be taken, occur
or be achieved. Forward-looking statements include those relating
to CryptoStar's expected revenue generating capabilities of its GPU
and ASIC miners, expected increase in self-mining Hashrate, the
time to deploy the ASIC miners, assumption that damages will arise
from its litigation with the Alberta Partner, CryptoStar's plans to
continue to expand its self-mining inventory of mining hardware,
expand its data centre operations in North America, to partner with large
cryptocurrency miners and CryptoStar's plans of becoming one of the
lowest cost cryptocurrency producers in North America and a major supplier of GPU and
ASIC miners worldwide. Forward-looking statements are not a
guarantee of future performance and are based upon a number of
estimates and assumptions of management in light of management's
experience and perception of trends, current conditions and
expected developments, as well as other factors that management
believes to be relevant and reasonable in the circumstances. Actual
results, performance or achievement could differ materially from
that expressed in, or implied by, any forward-looking statements in
this press release, and, accordingly, you should not place undue
reliance on any such forward-looking statements and they are not
guarantees of future results. Forward-looking statements involve
significant risks, assumptions, uncertainties and other factors
that may cause actual future results or anticipated events to
differ materially from those expressed or implied in any
forward-looking statements. Except as required by law, CryptoStar
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
SOURCE CryptoStar Corp.