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.
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.
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."
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).
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.
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.
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