CryptoStar Corp. provides up-to-date information on operations and personnel | Daily News Byte

TSKSV: CSTR
OTCKB: CSTKSF

TORONTO, December 20, 2022 /CNV/ – CryptoStar Corp. (TSKSV: CSTR) (OTCKB: CSTKSF) (“CryptoStar” or “Company“), a cryptocurrency The mining and data center operator is happy to provide updated information on operations. This was announced by the company today Sean Harris has informed the Company of his decision to resign from the position of Chief Financial Officer of the Company February 28, 2023.

Independent mining operations

• U December 2022The company has implemented an after-hours independent mining program in the Utah, USAwhereby the Company is able to mine approximately 80% of the time for approximately 50% of the electricity costs, using off-peak electricity tariffs.
• Like on December 20, 2022The company has a total standalone mining hashrate of 77.08 PH/s from ASIC miners operating in its data centers, with 45.5% of the standalone mining hashrate being used as part of its off-hours standalone mining program in Utah, USA.
• It currently contributes 77.08 PH/s of the existing Hashrate for standalone mining 130,294 USD per month in self-mining revenue for CryptoStar. (Source: https://vhattomine.com/ mining metrics are calculated based on the BTC-USD exchange rate of 1 BTC = $16,884.55 updated on 12/20/2022 20:12:47 UTC).
• 160 high-performance ASIC miners from the previously announced purchase of 600 high-performance ASIC miners remain to be deployed. This will increase the Hashrate of standalone mining companies from ASIC miners by an additional 14.1 PH/s. The company expects to deploy these ASIC miners as quickly as possible.
• From completion EthereumIn conjunction with Proof of Stake, the Company is actively exploring opportunities to leverage its GPU computing power.

Hosting Operations

• U December 2022one of the company’s equipment hosting contracts for a total mining capacity of approximately 4 megawatts (MW) located in award-winning data center facilities in Utah, USA has expired. The company plans to conclude a new Equipment Hosting Agreement for the available mining capacity as quickly as possible.
• Like on December 20, 2022The company has equipment hosting contracts for a total mining capacity of approximately 8 MW located in award-winning data center facilities in the Utah, USAcontributing to the annual hosting revenue for the company 1.4 million dollars.

Quebec operations

• U December 2022year, the Company did not renew 0.5 MW out of a total of 2 MW of green, hydroelectric power plants in Quebec, Canada as he intends to move the associated mining equipment to his own Utah, USA data centers.

Alberta Operations

• Natural Gas Power Generation Site 611890 Alberta Inc. DBA Avila Energi (“Alberta Partner“) remains defunct. There is an ongoing court case against Albert Partner et al. in connection with non-compliance with the terms of the contract for the supply of electricity up to 30 MW and the resulting damages.

Resignation of the Chief Financial Officer

• Mr. Harris informed the company of his decision to resign as the company’s chief financial officer February 28, 2023.
• The Company would like to thank Mr. Harris for his contributions and wish him the best in his future endeavours. The company has begun the search process for a new Chief Financial Officer and will provide an update in the future.

Future growth

• The company plans to continue expanding its inventory of mining hardware for standalone mining. Further orders for mining hardware can be placed using smart capital management strategies based on prevailing market conditions.
• The company plans to continue expanding its data center operations in the North America partnership with a large cryptocurrency miners looking for operational sites in North America. The Company continues to consider and analyze several potential transactions and opportunities.

Financial position

• The company is in a strong financial position and is well capitalized.
• U December 2022The company sold its own cryptocurrency reserves to increase their cash reserves.
• Like on December 20, 2022The company held 1.9 BTC and 4.2 million dollars (5.7 million Canadian dollars) in cash.
• The company made payments and deposits for buildings, infrastructure equipment and deposit payments in the amount of 4.4 million dollars (CAD$6.0 million).

About CryptoStar Corp.:

CryptoStar has cryptocurrency mining operations with data centers located in USA and Canada. CryptoStar is currently committed to becoming one of the cheapest cryptocurrency manufacturers in North America and a major provider of GPU and ASIC miners worldwide.

Neither TSKSV nor its regulation service provider (as that term is defined in TSKSV policies) accepts responsibility for the adequacy or accuracy of this press release.

Forward-looking statements

This release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “anticipates,” “intends,” “believes,” or variations of such words and phrases or state that certain actions, events or results “may” or “will” be undertaken, performed or achieved. Forward-looking statements include those related to CryptoStar’s expected revenue generation capabilities from its ASIC and GPU miners, the expected increase in hashrate for standalone mining, the timing of implementation of ASIC miners, plans to execute a new Equipment Hosting Agreement for available mining capacities in Utah, USAintended relocation of mining equipment from Quebec, Canada to Utah, USAAssuming that damages will result from the litigation with the Alberta partner, CryptoStar plans to continue to expand its inventory of mining hardware for self-mining, to expand its data center operations in North Americato partner with the great cryptocurrency miners and CryptoStar’s plans to become one of the cheapest cryptocurrency manufacturers in North America and a major provider of GPU and ASIC miners worldwide. Forward-looking statements are not guarantees of future performance and are based on numerous estimates and assumptions by 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 under the circumstances. Actual results, performance or achievement may differ materially from those expressed or implied by any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on such forward-looking statements and those are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that could cause actual future results or expected events to differ materially from those expressed or implied by any forward-looking statements. Except as required by law, CriptoStar undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE CryptoStar Corp.

For further information: CriptoStar Corp., Attention: David Jellins, President and Chief Executive Officer, Investors: [email protected]Sale: [email protected]V: www.cryptostar.com