CryptoStar Corp. announces that it has terminated the letter of intent with a Kansas, USA based energy company effective October 6, 2022. The Company also provides an update on operations.

As at October 7, 2022, the Company has an aggregate self-mining Hashrate of 92.24 PH/s from ASIC miners running at its data centres. The 92.24 PH/s of existing self-mining Hashrate currently contributes USD 227,247 per month in self-mining revenue for CryptoStar. (Source: https://whattomine.com/Mining metrics are calculated based on a BTC - USD exchange rate of 1 BTC = $19,985.68 updated at 2022-10- 07 11:42:12 UTC).

160 high performance ASIC miners of the previously announced purchase of 600 high performance ASIC miners remain to be deployed. This will increase the Company's self-mining Hashrate from ASIC miners by a further 14.1 PH/s. The Company anticipates deploying these ASIC miners as expeditiously as possible upon expansion of its operations in Quebec, Canada. Since the completion of Ethereum's merge to proof of stake, the Company is actively exploring opportunities to utilize its GPU computing power.

As at October 7, 2022, the Company has Equipment Hosting Agreements for an aggregate mining capacity of approximately 12 MW located at its award-winning data centre facilities in Utah, USA, contributing annual hosting revenues for the Company of USD 2.1 million. On October 6, 2022, the Company terminated the LOI with the Kansas Partner previously announced on February 10, 2022 as a result of its due diligence investigations. The Company, through a subsidiary, continues to make progress on its expansion of operations in Quebec, Canada, and on its application with Hydro Quebec to secure an additional 5 MW of power at its data centre.

The natural gas power generation site of 611890 Alberta Inc. DBA Avila Energy remains shut down. 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 MW and damages arising therefrom.

The Company plans to continue to further expand its self-mining inventory of mining hardware. Further orders for mining hardware may be placed using astute capital management strategies based upon prevailing market conditions. The Company plans to continue to further expand its data centre operations in North America by partnering with large cryptocurrency miners seeking operating locations in North America.

The Company continues to consider and perform diligence on several potential transactions and opportunities.