TSXV: CSTR
OTCQB: CSTXF
TORONTO, Oct. 2, 2024
/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.
Self-Mining Operations
- In September 2024, the Company's
ASIC miners located in Quebec, Canada were shut down, reducing its
total Hashrate by 27.12 PH/s. This led to a monthly revenue decline
of USD$36,630 but also generated cost
savings of USD$58,603 per month on
power and hosting fees. (Source: https://whattomine.com/ Mining
metrics are calculated based on a BTC – USD exchange rate of 1 BTC
= $61,452 updated at 2024-10-02
01:50:10 UTC).
- As at October 2, 2024, the
Company maintains a self-mining hashrate of 21.26 PH/s, from
ASIC miners operating under the off-peak program in
Utah, USA, contributing USD
$28,711 in monthly revenue. (Source:
https://whattomine.com/ Mining metrics are calculated based on a
BTC – USD exchange rate of 1 BTC = $61,452 updated at 2024-10-02 01:50:10 UTC).
- Older generation Bitcoin miners, GPU rigs and GPU
cards located in Quebec, Canada
are to be sold as expeditiously as possible depending upon
prevailing market conditions.
Hosting Operations
- As at October 2, 2024, the
Company has spare aggregate Equipment Hosting capacity of
approximately 12 MW located at its award-winning data centre
facilities in Utah, USA. The
Company plans to execute new Equipment Hosting Agreements for the
available mining capacity as expeditiously as possible.
Alberta Operations
- 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.
Future Growth
- 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 continues to consider and perform diligence on
potential transactions and opportunities.
Financial Position
- The Company is in a strong financial position and is well
capitalized.
- As at October 2, 2024, the
Company held 7.6 BTC and USD$1.98
million (CAD$2.7 million) in
cash.
- The Company has made payments and deposits for buildings,
infrastructure equipment and security deposit payments of
USD$2.4 million (CAD$3.3 million).
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 intention to sell older generation mining hardware,
expected revenue generating capabilities of its ASIC
and GPU miners, plans to execute new Equipment Hosting Agreements
for available mining capacity in Utah,
USA, , the 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
or otherwise.
SOURCE CryptoStar Corp.