By Chris Wack

Ecoark Holdings Inc. said its indirect, wholly owned Bitstream Mining LLC subsidiary entered into an agreement to secure 12 megawatts of available electric capacity for its cryptocurrency mining operation.

The company said specific terms of the agreement will be disclosed at a future date.

Bitstream and its strategic power consultant are working with the utility to upgrade the utility's substation to expand the available capacity up to 50 MW.

Ecoark previously said Bitstream would be developing a 6-MW cryptocurrency-mining operation in Texas.

The holding company said it remains confident that Bitstream's projected high-margin business model will fulfill one of the key business lines for its coming spinoff transaction into a pure-play financial-technology company.

Bitstream is expecting the 12-MW mining site to be fully operational and yielding significant coin generation by January 2022 with anticipated monthly revenue of $4.4 million. The fully developed 50-MW site is expected to be completed by December 2022, the company said.

Ecoark shares were up 7% to $5.28 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

09-08-21 0813ET