Mr. David Jellins reports
CRYPTOSTAR CORP. PROVIDES UPDATE ON ALBERTA OPERATIONS
Cryptostar Corp. has released an update on business operations and recent developments with respect to its data centre operations in Alberta, Canada.
The company has been advised by 611890 Alberta Inc. doing business as Avila Energy that Avila Energy's natural gas power generation site in Alberta, Canada, has been shut down. The company continues to attempt to obtain further information from Avila Energy in relation to the unexpected shutdown of Avila Energy's site. Litigation against Avila Energy et al. is continuing with respect to the non-compliance with terms of the power supply agreement for up to 30 megawatts (Mw) as previously announced by the company on Dec. 20, 2021.
As a result of the shutdown of Avila Energy's site, the company has experienced a reduction in its self-mining hashrate of 53,514 megahashes/second from GPU miners and 50.3 petahashes/second from ASIC miners that were running at Avila Energy's site in Alberta, Canada. The company plans to redeploy its reduced self-mining hashrate as expeditiously as possible in Q1 2022.
Termination of equipment hosting agreement
The company and a Canadian-based company have agreed to terminate the equipment hosting agreement announced on Sept. 24, 2021, for 10 Mw of mining capacity to be deployed in Alberta, Canada, due to the delays in the deployment of power by Avila Energy.
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.
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