TSXV: CSTR
TORONTO, Sept. 15, 2021 /CNW/ - CryptoStar Corp. (TSXV:
CSTR) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, is pleased to
announce the expansion of its self-mining Hashrate and power
capacity in Alberta, Canada.
Operations
- As at September 15, 2021, the
Company has executed Equipment Hosting Agreements for an aggregate
mining capacity of 27 megawatts (MW), with 12 MW of mining capacity
located at its award-winning data centre facilities in Utah, USA and 15 MW of mining capacity to be
deployed in Alberta, Canada in Q4
2021.
- The Equipment Hosting Agreements executed for an aggregate 12
MW of mining capacity in Utah, USA
are anticipated to contribute annual hosting revenues for the
Company of USD$1.7 million.
- The Equipment Hosting Agreements executed for an aggregate 15
MW of mining capacity to be deployed in Alberta, Canada in Q4, 2021 are anticipated to
contribute annual power and hosting revenues for the Company of up
to USD$7.9 million.
- The Company is continuing to increase its power capacity in
Alberta, Canada, with an
additional 10 MWs to be deployed under the existing power supply
agreement for 30 MW.
- The Company currently has an aggregate self-mining Hashrate of
86,160 MH/s from GPU miners and 40,796 TH/s from ASIC miners
running at its data centres.
- The 86,160 MH/s and 40,796 TH/s of existing self-mining
Hashrate currently contributes USD$607,843.02 per month in self-mining revenue
for CryptoStar. (Source: https://whattomine.com/ Mining metrics are
calculated based on and ETH - USD exchange rate of 1 ETH =
$3,405.31 and a BTC - USD exchange
rate of 1 BTC = $47,379.50 updated at
2021-09-15 11:38:48 UTC).
- An additional 10,000 TH/s of Hashrate from ASIC miners has been
delivered and will be deployed in the Company's data centres by
November 30, 2021.
Infrastructure Project Manager
- The Company is pleased to announce that it has engaged an
Infrastructure Project Manager for its data centres in Alberta, Canada.
- The Infrastructure Project Manager has over 30 years of
experience as an oil and gas operations leader, with specific
experience including senior management, operations, production and
exploitation engineering as well as facility project management.
The Infrastructure Project Manager will support CryptoStar's
long-term expansion plans in Alberta,
Canada.
Future Growth
- The Company plans to continue to further expand its self-mining
inventory of mining hardware. Additional ASIC miners have been
ordered for delivery in Q4, 2021 and further orders for mining
hardware will be placed using astute capital management strategies
based upon prevailing market conditions for delivery in Q4 2021 and
beyond.
- The Company plans to continue to further expand its data centre
operations in Alberta, Canada 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.
David Jellins, President and
Chief Executive Officer of CryptoStar stated, "We are continuing to
see unprecedented levels of demand for power and hosting services
from international mining organizations, and we are looking forward
to taking full advantage of our power supply agreement in
Alberta, Canada at amongst the
lowest power rates available in North
America."
Financial Position
- The Company is in a strong financial position and is well
capitalized.
- As at September 15, 2021, the
Company held 235.9 ETH, 47.6 BTC and USD$14.5 million (CAD$18.3
million) in cash.
- Additionally, the Company has made deposits for infrastructure
equipment and engineering services of USD$1.4 million (CAD$1.8
million).
Summary
- The deployment of 86,160 MH/s and 40,796 TH/s of existing
Hashrate from GPU and ASIC miners currently contributes
USD$7.3 million in annualized
self-mining revenue for CryptoStar. (Source:
https://whattomine.com/ Mining metrics are calculated based on and
ETH - USD exchange rate of 1 ETH = $3,405.31 and a BTC - USD exchange rate of 1 BTC
= $47,379.50 updated at 2021-09-15
11:38:48 UTC).
- The Company has executed Equipment Hosting Agreements for an
aggregate mining capacity of 27 MW which are expected to contribute
up to USD$9.6 million in annual
hosting and power revenues for the Company, with the hosting
services in Alberta, Canada
expected to commence in Q4, 2021.
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.
Forward-Looking Statements
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 and timing to commence the hosting
and power services associated with the Equipment Hosting
Agreements, the expected revenue generating capabilities of the GPU
and ASIC miners, the time to deliver and deploy the GPU and ASIC
miners, CryptoStar's plans to continue to expand its self-mining
inventory of mining hardware, increase its power capacity at its
data centres in Alberta, Canada,
expand its data centre operations in Alberta, Canada, 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
or otherwise.
SOURCE CryptoStar Corp.
