Green Energy Cryptocurrency Mining ETF Launches on the New York Stock Exchange

An exchange-traded fund has been launched in the US that focuses on crypto mining operations and greener infrastructure.

The new Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF traded on the New York Stock Exchange under the symbol ‘RIGZ’ on Tuesday, July 20.

The product is part of a growing effort to attract mainstream investors with a focus on environmental, social and governance (ESG) issues.

Viridi Funds, which launched a new investment product, says the fund is also used in crypto mining infrastructure companies and semiconductor companies like Samsung Electronics, Nvidia Corp. and Advanced Micro Devices according to Law360.

Viridi CEO Wes Fulford, a former Bitfarms CEO, said the fund will focus on clean energy screening. He said the migration of mining from China to North America was good news as more than half of crypto mining in the region now uses renewable energy sources:

“Obviously, with the events in China, electricity consumption is significantly lower than at the beginning of June. And it also has the added benefit of allowing more computing power to go to other jurisdictions, further decentralizing the network, which increases security. “

Fulford added that Bitcoin and Ethereum are pretty happy with the “S” and “G” from the ESG principles, and that the new EFT will add an “E” to it. Things are still in the early stages of this emerging asset class, he said, and the “tidal wave of institutional flows” is yet to come.

Connected: Green Bitcoin: Influence and Importance of Energy Consumption for PoW

According to a report by CNBC on July 20, new data shows that Bitcoin mining is nowhere near as harmful to the environment as it used to be, thanks to older, less efficient machines that have been shut down in China and operations that have not been successful. move to more environmentally friendly locations. North America jumped from fifth to second and now accounts for nearly 17% of all global bitcoin mining.

On July 18, Cointelegraph reported that large US-based crypto mining companies would benefit greatly from increased market share and hash rate dominance. It names Riot Blockchain, Marathon, Hut 8 and Hive Blockchain as potentially the biggest beneficiaries of China’s massive mining migration.