TORONTO – CryptoStar Corp. (TSXV: CSTR), a cryptocurrency mining and data centre operator, reported that further to its news release dated August 12, 2021, the Company and a U.S. based company have executed an equipment hosting agreement effective September 1, 2021 for 10 megawatts (MW) of mining capacity to be deployed in Alberta, Canada.
Under the terms of the Hosting Agreement, the Company will provide hosting services and infrastructure to the Alberta Customer for 10 MW of mining capacity at its data centre locations in Alberta, Canada.
Highlights of the Hosting Agreement:
- Annual hosting and power revenues for the Company of up to USD$5.3 million.
- Initial hosting term of 36 months, with the option to renew for an additional 36-month term.
- Hosting services for the Alberta Customer to commence in Q4, 2021.
David Jellins, President and Chief Executive Officer of CryptoStar stated, “We are delighted that the Alberta Customer has selected CryptoStar as its hosting provider. We are looking forward to providing hosting services to the Alberta Customer and we anticipate that this will be the beginning of a long term and mutually beneficial relationship. We are seeing unprecedented levels of demand for power and cryptocurrency mining hosting solutions from international mining organizations, and we are looking forward to taking full advantage of our power supply agreement in Alberta, Canada at amongst the lowest power rates available in North America.”
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.
We seek Safe Harbor.