07:24 AM EDT, 10/03/2024 (MT Newswires) -- CryptoStar Corp. ( CSTXF ) , a cryptocurrency mining and data center operator, trading at 52 week lows, overnight Wednesday provided an update on operations.

On Self-Mining Operations, the company noted that in September 2024, its ASIC miners located in Quebec, Canada were shut down, reducing its total Hashrate by 27.12 PH/s. This led to a monthly revenue decline of US$36,630 but also generated cost savings of US$58,603 per month on power and hosting fees. As at October 2, 2024 , the company maintained a self-mining hashrate of 21.26 PH/s, from ASIC miners operating under the off-peak program in Utah, USA, contributing US$28,711 in monthly revenue. Older generation Bitcoin miners, GPU rigs and GPU cards located in Quebec, Canada are to be sold "as expeditiously as possible" depending upon prevailing market conditions.

On Hosting Operations, as at October 2, 2024, the company said it has spare aggregate Equipment Hosting capacity of approximately 12 MW located at its data centre facilities in Utah, USA. The company plans to execute new Equipment Hosting Agreements for the available mining capacity "as expeditiously as possible".

On Alberta Operations, it said 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.

On Future Growth, the company plans to continue to further expand its self-mining inventory of mining hardware. It said: "Further orders for mining hardware may be placed using astute capital management strategies based upon prevailing market conditions. The company continues to consider and perform diligence on potential transactions and opportunities."

On Financial Position, the company said it is in a "strong financial position and is well capitalized". As at October 2, 2024 , the company held 7.6 BTC and U$1.98 million (C$2.7 million) in cash. The company has made payments and deposits for buildings, infrastructure equipment and security deposit payments of US$2.4 million (C$3.3 million).