TORONTO, Dec. 31,
2021 /CNW/ - CryptoStar Corp. (TSXV: CSTR)
(OTCQB: CSTXF) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, provides 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. DBA Avila
Energy (the "Alberta Partner") that the Alberta Partner's
natural gas power generation site in Alberta, Canada has been shut down. The
Company continues to attempt to obtain further information from the
Alberta Partner in relation to the unexpected shutdown of the
Alberta Partner's site. Litigation against the Alberta Partner et
al. is ongoing 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 December 20,
2021.
As a result of the shutdown of the Alberta Partner's site,
the Company has experienced a reduction in its self-mining Hashrate
of 53,514 MH/s from GPU miners and 50.3 PH/s from ASIC miners that
were running at the Alberta Partner'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 September 24, 2021 for 10 MW of mining
capacity to be deployed in Alberta,
Canada due to the delays in the deployment of power by the
Alberta Partner.
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.
Forward-Looking Statements
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 plans to redeploy its reduced self-mining Hashrate
as expeditiously as possible in Q1 2022, 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.