An exchange-traded fund focused on greener crypto mining operations and infrastructure has been launched in the United States.
The new Viridi Clean Energy Encrypted Mining and Semiconductor ETF will begin trading on the New York Stock Exchange on Tuesday, July 20, under the symbol “RIGZ”.
This product is part of an ongoing effort to attract mainstream investors who are concerned about environmental, social and governance (ESG) issues.
According to reports, Viridi Funds, which launched new investment products, said that the fund also invests in crypto mining infrastructure businesses and semiconductor companies such as Samsung Electronics, Nvidia and Advanced Micro Devices. Law 360.
Wes Fulford, CEO of Viridi and former CEO of Bitfarms, stated that the fund will focus on clean energy screening. He said that the migration of the mining industry from China to North America is good news because more than half of the crypto mining operations in the region now use renewable energy:
“Obviously, with what happened in China, the electricity used was significantly lower than in early June. And it also provides the added benefit that more computing power is looking for ways to other jurisdictions to further decentralize the network, This increases safety.”
Fulford added that Bitcoin and Ethereum have solved the “S” and “G” in the ESG principle very well, and the new EFT will add an “E”. He said that this emerging asset class is still in its early stages, and the “wave of institutional flow” has not yet arrived.
As reported by CNBC on July 20 report, New data shows that due to the closure of old inefficient machines in China and the shift of operations to more environmentally friendly places, Bitcoin mining is almost less harmful to the environment than before. North America has jumped from fifth to second place, and now accounts for nearly 17% of global bitcoin mining.
On July 18, Cointelegraph reported that U.S. large-scale crypto mining operations will benefit a lot From increased market share and hash rate advantage. It lists Riot Blockchain, Marathon, Hut 8 and Hive Blockchain as the potential biggest beneficiaries of China’s mining migration.