An exchange-traded fund focusing on more environmentally friendly crypto mining operations has been launched in the United States. The innovative exchange-traded fund will grasp environmentally friendly crypto mining companies.
The new Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF debuted on Tuesday, July 20th, under the symbol ‘RIGZ’.
The product is intended to attract powerful investors who care about environmental, social and governance (ESG) issues.
Viridi Funds, which powered the next-generation investment product, said that the fund also invests in crypto mining infrastructure businesses and semiconductor companies such as Samsung Electronics, Nvidia Corp., and Advanced Micro Devices, ec.
Viridi CEO Wes Fulford, who used to be a CEO of Bitfarms, said the fund will deal with clean energy screening. He said that the relocation of mining out of China to North America opened new opportunities, as more than half of crypto mining operations in the region 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.”
Fulford also said that Bitcoin and Ethereum address the ‘S’ and the ‘G’ from the ESG principles pretty well, and the new ETF will be adding the ‘E’. He noted that things are still in the early stages of this emerging asset class and a “tidal wave of institutional flows” has yet to come.
New data proves that Bitcoin mining isn’t as bad for the environment as it used to be, thanks to China switching off old machines and operations shifting to more environmentally friendly regions. North America has jumped from fifth to second place and now accounts for nearly 17% of all global Bitcoin mining.
On July 18th, various sources shared that large U.S.-based crypto mining operations will benefit greatly from increased market share. They named Riot Blockchain, Marathon, Hut 8, and Hive Blockchain as potentially the biggest beneficiaries of China’s great mining migration.