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Cryptostar Corp
Symbol CSTR
Shares Issued 420,577,804
Close 2021-10-12 C$ 0.15
Recent Sedar Documents

Cryptostar begins trading on OTCQB Venture Market

2021-10-12 14:52 ET - News Release

Mr. David Jellins reports

CRYPTOSTAR CORP. COMMENCES TRADING ON THE OTCQB VENTURE MARKET AND INCREASES SELF-MINING HASHRATE

Cryptostar Corp. has received approval from OTC Markets Group Inc. to begin trading on the OTCQB Venture Market under the ticker symbol CSTXF, effective at market open on Oct. 11 2021. The company has also expanded its self-mining hash rate.

OTCQB Venture Market listing

The OTCQB Venture Market 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 [United States] 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, as well as access current company news and developments, at the OTC Markets website.

Operations:

  • As at Oct. 12, 2021, the company has executed equipment hosting agreements for an aggregate mining capacity of 37 megawatts, with 12 MW of mining capacity located at its award-winning data centre facilities in Utah, United States, and 25 MW of mining capacity to be deployed in Alberta, Canada, in the fourth quarter of 2021 and the first quarter of 2022.
  • The equipment hosting agreements executed for an aggregate of 12 MW of mining capacity in Utah, United States, are anticipated to contribute annual hosting revenues for the company of $1.7-million (U.S.).
  • The equipment hosting agreements executed for an aggregate of 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 $13.1-million (U.S.).
  • The company currently has an aggregate self-mining hash rate of 89,050 megahashes per second from GPU miners and 55.4 petahashes per second from ASIC miners running at its data centres.
  • The deployment of 89,050 MH/s and 55.4 PH/s of existing self-mining hash rate currently contributes $805,449.76 (U.S.) per month in self-mining revenue for Cryptostar.

Future growth:

  • 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 on 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 due diligence on several potential transactions and opportunities.

Financial position:

  • The company is in a strong financial position and is well capitalized.
  • As at Oct. 12 2021, the company held 273.4 ethereum, 54 bitcoin and $13.4-million (U.S.) ($16.7-million (Canadian)) in cash.
  • Additionally, the company has made payments and deposits for ASIC miners, infrastructure equipment and engineering services of $4.5-million (U.S.) ($5.6-million (Canadian)).

Summary:

  • The deployment of 89,050 MH/s and 55.4 PH/s of existing hash rate from GPU and ASIC miners currently contributes $9.7-million (U.S.) in annualized self-mining revenue for Cryptostar.
  • The company purchased 600 high-performance ASIC miners to be delivered in six equal tranches of 100 miners during calendar 2022, commencing in January and ending in June. This will increase the company's self-mining hash rate from ASIC miners by 8.8 PH/s each delivery month, resulting in a total self-mining hash rate increase from ASIC miners of 52.8 PH/s.
  • Once deployed, together with the additional 10 PH/s of hash rate from ASIC miners to be deployed by Nov. 30, 2021, as announced on Sept. 15, 2021, the company's total aggregate self-mining hash rate from ASIC miners will be 118.2 PH/s, representing an increase in hash rate of 190 per cent from the existing self-mining hash rate from ASIC miners announced on Sept. 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.
  • The company has executed equipment hosting agreements for an aggregate mining capacity of 37 MW, which are expected to contribute up to $14.8-million (U.S.) 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 United States 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.

We seek Safe Harbor.

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