96 Interactions, 2 today
The new exchange-traded fund will invest in crypto mining infrastructure companies that are ecologically beneficial.
In the United States, an exchange-traded fund focused on more ecologically friendly crypto mining activities and infrastructure has been launched.
The new Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF began trading on the New York Stock Exchange on Tuesday, July 20 under the symbol RIGZ.
The offering is part of a rising effort to attract mainstream investors who are concerned about environmental, social, and governance issues.
Viridi Funds, which launched the new investment product, stated that the fund also invests in crypto mining infrastructure businesses and semiconductor companies such as Samsung Electronics, Nvidia Corp., and Advanced Micro Devices, according to Law360.
The fund will focus on sustainable energy screening, according to Viridi CEO Wes Fulford, a former CEO of Bitfarms. He praised the movement of mining from China to North America, noting that more than half of the region’s crypto mining enterprises now use renewable energy sources:
“Obviously, with what’s happened in China the power used is dramatically lower than it was at the beginning of June. And it’s also providing the added benefit that more computing power is finding its way to other jurisdictions, sort of decentralizing the network even further, which adds to the security.”
According to Fulford, Bitcoin and Ethereum adequately meet the ‘S’ and ‘G’ from the ESG principles, with the new EFT adding the ‘E’. He claimed that this growing asset class is still in its early stages, and that a “tidal wave of institutional flows” has yet to arrive.
According to a July 20 CNBC report, new data shows that Bitcoin mining isn’t nearly as bad for the environment as it used to be, thanks to older less efficient machines being switched off in China and operations moving to more environmentally friendly locations. North America has risen from fifth to second place, accounting for approximately 17% of all Bitcoin mining worldwide.
Cointelegraph revealed on July 18 that huge crypto mining businesses situated in the United States will gain tremendously from growing market share and hash rate domination. Riot Blockchain, Marathon, Hut 8, and Hive Blockchain are among the companies that could benefit the most from China’s massive mining migration, according to the report.