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TORONTO, Oct. 12, 2021 /CNW/ - CryptoStar Corp. (TSXV: CSTR) (OTCQB: CSTXF) ("CryptoStar" or the "Company"), a cryptocurrency mining and data centre operator, is pleased to announce that it has received approval from the OTC Markets Group Inc. to commence trading on the OTCQB Venture Market under the ticker symbol "CSTXF" at open of markets on October 11, 2021. The Company is also pleased to announce the expansion of its self-mining Hashrate.
OTCQB Venture Market Listing
The OTCQB offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process.
David Jellins, President and Chief Executive Officer of CryptoStar stated, "We are excited to begin trading on the OTCQB Venture Market. Trading on the OTCQB Venture Market will provide the Company with increased access to U.S. based investors and a much broader shareholder base. U.S. based investors now have the opportunity to share in the Company's growth."
U.S. Investors can obtain real-time level 2 quotes and market information for CryptoStar at https://www.otcmarkets.com/stock/CSTXF/quote as well as access current company news and developments.
As at October 12, 2021, the Company has executed Equipment Hosting Agreements for an aggregate mining capacity of 37 megawatts (MW), with 12 MW of mining capacity located at its award-winning data centre facilities in Utah, USA and 25 MW of mining capacity to be deployed in Alberta, Canada in Q4, 2021 and Q1, 2022.
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 25 MW of mining capacity to be deployed in Alberta, Canada in Q4, 2021 and Q1, 2022 are anticipated to contribute annual power and hosting revenues for the Company of up to USD$13.1 million.
The Company currently has an aggregate self-mining Hashrate of 89,050 MH/s from GPU miners and 55.4 PH/s from ASIC miners running at its data centres.
The 89,050 MH/s and 55.4 PH/s of existing self-mining Hashrate currently contributes USD$805,449.76 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 = $3,467.27 and a BTC - USD exchange rate of 1 BTC = $57,350.00 updated at 2021-10-12 11:34:35 UTC).
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, Q1, 2022 and Q2, 2022 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.
The Company is in a strong financial position and is well capitalized.
As at October 12, 2021, the Company held 273.4 ETH, 54.0 BTC and USD$13.4 million (CAD$16.7 million) in cash.
Additionally, the Company has made payments and deposits for ASIC miners, infrastructure equipment and engineering services of USD$4.5 million (CAD$5.6 million).
The deployment of 89,050 MH/s and 55.4 PH/s of existing Hashrate from GPU and ASIC miners currently contributes USD$9.7 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 = $3,467.27 and a BTC - USD exchange rate of 1 BTC = $57,350.00 updated at 2021-10-12 11:34:35 UTC).
The Company purchased 600 high performance ASIC miners to be delivered in 6 equal tranches of 100 miners during calendar 2022 commencing in January and ending in June. This will increase the Company's self-mining Hashrate from ASIC miners by 8.8 PH/s each delivery month, resulting in a total self-mining Hashrate increase from ASIC miners of 52.8 PH/s.
Once deployed, together with the additional 10 PH/s of Hashrate from ASIC miners to be deployed by November 30, 2021, as announced on September 15, 2021, the Company's total aggregate self-mining Hashrate from ASIC miners will be 118.2 PH/s, representing an increase in Hashrate of 190% from the existing self-mining Hashrate from ASIC miners announced on September 15, 2021.
The deployment of 118.2 PH/s from ASIC miners would generate approximately 23.2 Bitcoin per month based on current difficulty levels. (Source: https://whattomine.com/ Updated at 2021-10-12 11:34:35 UTC).
The Company has executed Equipment Hosting Agreements for an aggregate mining capacity of 37 MW which are expected to contribute up to USD$14.8 million in annual hosting and power revenues for the Company, with the hosting services in Alberta, Canada expected to commence in Q4, 2021 and Q1, 2022.
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 expectation that trading on the OTCQB Venture Market will provide the Company with increased access to U.S. based investors and a much broader shareholder base, the 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 expected Bitcoin revenue generating capabilities of the ASIC miners, the time to deliver and deploy the 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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