TSXV: CSTR
OTCQB: CSTXF
Self-Mining Operations
- In
December 2022 , the Company implemented an off-peak self-mining program inUtah, USA , whereby the Company is able to mine approximately 80% of the time for approximately 50% of the electricity cost, by utilizing off-peak electricity rates. - As at
December 20, 2022 , the Company has an aggregate self-mining Hashrate of 77.08 PH/s from ASIC miners running at its data centres, with 45.5% of the self-mining Hashrate being operated under the off-peak self-mining program inUtah, USA . - The 77.08 PH/s of existing self-mining Hashrate currently contributes
USD$130,294 per month in self-mining revenue forCryptoStar . (Source: https://whattomine.com/ Mining metrics are calculated based on a BTC – USD exchange rate of 1 BTC =$16,884.55 updated at 2022-12-2020:12:47 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.
- Since the completion of Ethereum's merge to proof of stake, the Company is actively exploring opportunities to utilize its GPU computing power.
Hosting Operations
- In
December 2022 , one of the Company's Equipment Hosting Agreements for an aggregate mining capacity of approximately 4 megawatts (MW) located at its award-winning data centre facilities inUtah, USA expired. The Company plans to execute a new Equipment Hosting Agreement for the available mining capacity as expeditiously as possible. - As at
December 20, 2022 , the Company has Equipment Hosting Agreements for an aggregate mining capacity of approximately 8 MW located at its award-winning data centre facilities inUtah, USA , contributing annual hosting revenues for the Company ofUSD$1.4 million .
Quebec Operations
- In
December 2022 , the Company did not renew 0.5 MW of the aggregate 2 MW of green, hydro-based power inQuebec, Canada as it intends to relocate the associated mining equipment to itsUtah, USA data centres.
Alberta Operations
- The natural gas power generation site of 611890
Alberta Inc. DBA Avila Energy (the "Alberta Partner ") 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.
Resignation of Chief Financial Officer
Mr. Harris informed the Company of his decision to resign as Chief Financial Officer of the Company effectiveFebruary 28, 2023 .- The Company would like to thank
Mr. Harris for his contributions and wishes him well in his future endeavours. The Company has commenced the process to search for a new Chief Financial Officer and will provide an update at a future date.
Future Growth
- 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 inNorth America . The Company continues to consider and perform diligence on several potential transactions and opportunities.
Financial Position
- The Company is in a strong financial position and is well capitalized.
- In
December 2022 , the Company sold its cryptocurrency reserves to increase its cash reserves. - As at
December 20, 2022 , the Company held 1.9 BTC andUSD$4.2 million (CAD$5.7 million ) in cash. - The Company has made payments and deposits for buildings, infrastructure equipment and security deposit payments of
USD$4.4 million (CAD$6.0 million ).
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Forward-Looking Statements
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