TSXV: CSTR
TORONTO, May 18, 2021 /CNW/ - CryptoStar Corp. (TSXV:
CSTR) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, is pleased to
announce that operations have commenced in Alberta, Canada and the first containers
housing GPU and ASIC miners have been gradually deployed over the
past several weeks.
Operations:
- CryptoStar currently has an aggregate Hashrate of 58,230 MH/s
from GPU miners and 13,890 TH/s from ASIC miners running at its
data centres.
- The deployment of 58,230 MH/s and 13,890 TH/s of Hashrate using
the latest generation GPU and ASIC miners currently contributes
USD$313,410.95 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 = $3,489.44 and a BTC - USD exchange rate of 1 BTC
= $45,015.10 updated at 2021-05-18
08:43:40 UTC).
- An additional 21,200 MH/s of GPU Hashrate has been delivered
and will be deployed in CryptoStar's data centres by the end of
May 2021.
Future Growth:
- CryptoStar will continue to further expand its self-mining
inventory of mining hardware. Additional miners have been ordered
for delivery in June 2021 and further
orders for mining hardware will be placed using astute capital
management strategies based upon prevailing market conditions for
delivery in Q3 2021 and Q4 2021.
- CryptoStar is currently considering and performing diligence on
several potential transactions and opportunities.
Financial Position:
- The Company is in a strong financial position and is well
capitalized.
- As at May 18, 2021, CryptoStar
holds 46.6 ETH, 15.4 BTC and USD$18.7
million (CAD$22.5 million) in
cash.
David Jellins, President and
Chief Executive Officer of CryptoStar states, "We are delighted to
have relaunched our operations at amongst the lowest power rates
available in North America, and we
are looking forward to self-mining on a larger scale, taking full
advantage of our first power supply agreement in Alberta providing for up to 30 MW of
power."
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 the time to deliver and deploy the GPU and ASIC miners, the
expected revenue generating capabilities of the GPU and ASIC
miners, and CryptoStar's plans to continue to expand its
self-mining inventory of mining hardware. 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.
