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.
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