Categories: Bitcoin

Green energy crypto mining ETF launches on New York Stock Exchange

An exchange-traded fund focusing on more environmentally friendly crypto mining operations and infrastructure has been launched in the United States.

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

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

Viridi CEO Wes Fulford, a former CEO of Bitfarms, said the fund will focus on clean energy screening. He said that the migration of mining out of China to North America was good news, 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 added that Bitcoin and Ethereum address the ‘S’ and the ‘G’ from the ESG principles pretty well, and the new EFT will be adding the ‘E’. He stated that things are still in the early innings of this emerging asset class and a “tidal wave of institutional flows” has yet to come.

Related: Green Bitcoin: The impact and importance of energy use for PoW

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 jumped from fifth to second place and now accounts for nearly 17% of all global Bitcoin mining.

On July 18, Cointelegraph reported that large U.S.-based crypto mining operations will benefit greatly from increased market share and hash rate dominance. It named Riot Blockchain, Marathon, Hut 8, and Hive Blockchain as potentially the biggest beneficiaries of China’s great mining migration.

admin

Share
Published by
admin

Recent Posts

Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?

There is good reason to be afraid. Previous down markets have seen declines in excess…

2 years ago

UPS and FedEx are good dividend stocks, but which should you take?

United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…

2 years ago

Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts

Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…

2 years ago

This biotech stock is up 100% on Tuesday: here’s the catalyst

Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…

2 years ago

Japanese film studio announces the production of a series based on crypto

Noma, a Japanese film studio, has announced that it is producing three feature films that…

2 years ago

Bitcoin price taps 5-day highs as Shiba Inu leads altcoin gains

Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…

2 years ago