Viridi Funds launches Green Energy Cryptocurrency Mining ETF on NYSE under the symbol RIGZ

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

The new ETF from asset management company Viridi Funds was traded on Tuesday, July 20, on the New York Stock Exchange under the symbol “RIGZ”.

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

According to Viridi, the fund also invests in crypto mining infrastructure companies and semiconductor companies such as Samsung Electronics, Nvidia Corp. and Advanced Micro Devices, according to Law360.

CEO Wes Fulford said the fund will focus on upgrading clean energy. The migration of mining from China to North America is good news as more than half of the crypto mining in the region currently uses renewable energy sources:

“In view of the events in China, electricity consumption is obviously significantly lower than at the beginning of June. And it also has the additional advantage that more computing power is transferred to other jurisdictions and the network is further decentralized, which increases security. “

Fulford added that Bitcoin and Ethereum handle the “S” and “G” in the ESG pretty well and that the new ETF will complement the “E”. We are still in the early stages of this emerging asset class, he said, and the “institutional outflow wave” is yet to come.

According to a July 20 report, new data shows that bitcoin mining is nowhere near as harmful to the environment as it used to be, as older, less efficient machines have been shut down in China and moved to more environmentally friendly locations. North America jumped from fifth to second and now accounts for nearly 17% of all global bitcoin mining.

Large US-based crypto mining companies will benefit greatly from increased market share and hashrate dominance, with Riot Blockchain, Marathon, Hut 8 and Hive Blockchain likely to be the biggest beneficiaries of China’s mining exodus.

Annie

According to Cointelegraph

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