Due to the bull run in the price of Bitcoin and other cryptocurrencies (ALT Coins) in recent days, there has been a lot of new and reestablished interest in crypto mining and the companies involved.
CryptoStar Corp. (CSTR.V) is one of these aforementioned companies and is directly involved in the crypto mining and data center operations. On April 13th, the stock (CSTR.V) shot up rapidly with significant gains. Seemingly tide to the raise in price by Bitcoin and Ethereum, the biggest cryptocurrency and number one alt coin respectively.
As Bitcoin rose past USD$63000 per Coin on Tuesday and Ethereum hit new highs CryptoStar’s stock soared in tandem with gains of over 50%. Last month, the company(TSXV:CSTR) announced that it signed a definitive equipment purchase agreement with a Hong Kong vendor. The agreement states that CryptoStar will receive a combination of GPU and ASIC crypto miners capable of an approximate total Hashrate of 25,950 MH/s and 5,510 TH/s respectively. In exchange for the equipment, the Hong Kong based company will be granted 5,927,151 units of the Company at a deemed value of CAD$1,422,516.24. The Company will issue an additional 355,629 Units (the “Finder’s Fee”) to Chen Peifeng in connection with Transaction. The new GPU and ASIC miners are expected to contribute USD$138,908.35 per month in mining revenue for CryptoStar Corp.
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.
Source: Yahoo Finance
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