As a whole Bitcoin along with most cryptocurrencies (ALT Coins) have not had the best of months. Dropping sharply in May, Ethereum at one point lost over 50% plunging from over $4000USD to less than $1800USD. While BitCoin didn’t fair much better sinking to $30000USD mid May. Not helping in a rebound of prices, cryptocurrency miners have stopped all or part of their China operations. Due to Beijing’s intensified crackdown on Bitcoin mining and trading, hammering most digital currencies amid heightened global regulatory scrutiny. Find out more at Reuters
CryptoStar Corp. (CSTR.V) has recently stated on May 18th that it has setup shop in Alberta with no mention of operations in China. The company has a very positive outlook on their most consumed resource, electricity, with David Jellins, President and Chief Executive Officer of CryptoStar saying “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.”
“We are delighted to have relaunched our operations at amongst the lowest power rates available in North America”
CryptoStar currently has an combined Hashrate of 13,890 TH/s from ASIC miners and 58,230 MH/s from GPU miners running at their data facilities. In plain English that means the current amount of Mega/Terra Hashes contributes around USD$313,410.95 per month in mining revenue for (CSTR.V)CryptoStar.
(Source:https://whattomine.com/ Based on ETH-USD exchange of 1 ETH = $3,489.44 and 1 BTC = $45,015.10 updated 2021-05-18).
They (CSTR.V) have also stated that an additional 21,200 MH/s of GPU miners have been delivered and will be deployed in CryptoStar’s facilities by the end of this May.
March’s private placement from institutional investors for gross proceeds of ~CAD$25.0M leaves the company(CSTR.V) with plenty of free cash flow. Currently (as of May 18, 2021) CryptoStar holds 46.6 ETH, 15.4 BTC and USD$18.7 million (CAD$22.5 million) in cash. CryptoStar could strategically be waiting for BTC and ETH to continue their current accent before releasing some long speculated (and long over due) positive news. Combine those factors with a May 31st 2021 earnings release that exceeds expectations and CryptoStar Corp might just have a winning formula. But then again they might not, only time will tell.
ABOUT CryptoStar Corp.(TSXV:CSTR)(CSTR.V):
CryptoStar Corp. provides infrastructure solutions in the blockchain industry in Canada, the United States, and Iceland. It engages in mining digital currencies activity. The company is headquartered in Toronto, Canada.
** As always the opinions stated are that just opinions, you make and are responsible for your choices and investments, good luck!