CryptoStar Corp. Announces Deployment of GPU and ASIC Miners

TSXV: CSTR

TORONTO, May 18, 2021 /CNW/ - CryptoStar Corp. (TSXV: CSTR) ("CryptoStar" or the "Company"), a cryptocurrency mining and data centre operator, is pleased to announce that operations have commenced in Alberta, Canada and the first containers housing GPU and ASIC miners have been gradually deployed over the past several weeks.

Operations:

• CryptoStar currently has an aggregate Hashrate of 58,230 MH/s from GPU miners and 13,890 TH/s from ASIC miners running at its data centres.
• The deployment of 58,230 MH/s and 13,890 TH/s of Hashrate using the latest generation GPU and ASIC miners currently contributes USD$313,410.95 per month in self-mining revenue for CryptoStar.
  (Source: https://whattomine.com/ Mining metrics are calculated based on and ETH - USD exchange rate of 1 ETH = $3,489.44 and a BTC - USD exchange rate of 1 BTC = $45,015.10 updated at 2021-05-18 08:43:40 UTC).
• An additional 21,200 MH/s of GPU Hashrate has been delivered and will be deployed in CryptoStar's data centres by the end of May 2021.

Future Growth:

• CryptoStar will continue to further expand its self-mining inventory of mining hardware. Additional miners have been ordered for delivery in June 2021 and further orders for mining hardware will be placed using astute capital management strategies based upon prevailing market conditions for delivery in Q3 2021 and Q4 2021.
• CryptoStar is currently considering and performing diligence on several potential transactions and opportunities.

Financial Position:

• The Company is in a strong financial position and is well capitalized.
• As at May 18, 2021, CryptoStar holds 46.6 ETH, 15.4 BTC and USD$18.7 million (CAD$22.5 million) in cash.

David Jellins, President and Chief Executive Officer of CryptoStar states, "We are delighted to have relaunched our operations at amongst the lowest power rates available in North America, and we are looking forward to self-mining on a larger scale, taking full advantage of our first power supply agreement in Alberta providing for up to 30 MW of power."

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 the time to deliver and deploy the GPU and ASIC miners, the expected revenue generating capabilities of the GPU and ASIC miners, and CryptoStar's plans to continue to expand its self-mining inventory of mining hardware. 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.

CryptoStar Corp., Attention: David Jellins, President and Chief Executive Officer, Investors: [email protected], Sales: [email protected], W: www.cryptostar.com